OMAN VISION 2040 TO SPUR GROWTH

IMF SAYS ECONOMY PROJECTED TO GROW 1.8% THIS YEAR

The Sultanate has good indicators for economic growth with the Oman Future Vision 2040.

This was confirmed by the International Monetary Fund (IMF) delegation, which held consultations with the Sultanate’s government represented by the Ministry of Finance and the Central Bank of Oman (CBO).

GOOD INDICATORS

Dr Mahmoud Mohiedin, Executive Director of the (IMF), said that the IMF’S delegation confirmed the presence of good indicators for the Sultanate compared to before particularly with Vision 2040.

This was stated at a virtual economic council organised by the Oman Economic Association (OEA) in which it hosted the IMF executive director.

Dr Khlaid bin Said al Amri, Chairman of the board of directors of OEA, mediated the session. The IMF official said the Sultanate’s economy contracted by 6.4 per cent the previous year due to sharp fall in international crude oil prices and the impact of Covid-19.

He added that Oman’s economy is projected to grow 1.8 per cent this year after earlier reports expected a 0.5 per cent drop, noting that inflation is under control.

The IMF official stated that the Medium-term Fiscal Balance Plan will enable the Sultanate to achieve sustainable development goals as well as the strategic objectives of the Oman Future Vision 2040.

ECONOMIC GRAVITY

The Sultanate boasts a unique position which allows it to be at the forefront of the logistics sector which is expected to see large investments specially after the world’s centre of economic gravity had shifted from West to East like China, Korea, India and other East Asian countries.