World Economy

Oman Economy Growing

Oman Economy GrowingOman Economy Growing

The Omani economy has managed to address the decline in oil prices and is expected to grow five percent this year, according to the Central Bank of Oman (CBO), NewsNow reported. The central bank added that there are good market indicators, such as the decline in non-performing loans (NPLs) to almost two percent. Moreover, the banks are well-capitalized and government bonds are one way of addressing the budget deficit. At fixed prices, GDP growth is seen at 5.5% in 2015. The banking sector also remains sound and monetary deposits at the end of 2014 stood at RO17.3b ($45b), up 14% from 2013, the CBO said.