World Economy

Oman Gets Good Marks

Oman Gets Good MarksOman Gets Good Marks

Oman has outperformed its (Persian) Gulf Cooperation Council ((P)GCC) counterparts and the rest of the world in most fields like economic stability, health, income equality, civil society, governance and environment, according to a report by The Boston Consulting Group (BCG).

Across these dimensions, Oman topped the average scores as compared to the rest of the (P)GCC and the world. “The only dimensions in which Oman lags behind are income, employment, education, and infrastructure,” NewsNow reported.

Interestingly, compared to (P)GCC and the rest of the world, Oman showed the strongest recent-progress scores in economic stability, employment, infrastructure, and environment. These findings were released by BCG in its latest Sustainable Economic Development Assessment (SEDA) study which covered 149 countries.

Oman outperforms the average of the (P)GCC and the rest of the world in both current level and recent progress scores in economic stability and environment.

Based on the BCG’s SEDA analysis, Oman is lower in the rank but improving in infrastructure, employment and income. However, the country ranks low and is falling further down in education compared to other (P)GCC countries.

“Oman must focus on reversing the recent backward trend on a number of its dimensions or risks falling behind other (P)GCC states,” Douglas Beal, partner and managing director at BCG Middle East and co-author of the report said.

This year’s results highlight a new global divide and point to the fact that more than half of the world’s population live in countries that are falling behind in sustainable development.

SEDA defines well-being through three elements – economics, investments, and sustainability covering ten key areas, or dimensions, including economic stability, health, governance and environment. In total, the assessment draws on nearly 50,000 data points.

SEDA scores are calculated in two ways: The current level of well-being and the recent progress gained in well-being from 2006 to 2013.

(P)GCC states comprise of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE.