Oman Expects 3% Growth

Oman’s economy is expected to grow by minimum 3% in 2018, according to the 2018 budget statement issued by the ministry of finance. The country expects the growth to be driven by oil price recovery and efforts to diversify the economy and improve investment climate, the budget statement said, Muscat Daily reported. The gross capital formation data for the period 2014-2017 showed an increase in private sector contribution to the implementation of investment schemes, rising from 52% in 2014 to 60% in 2017. Oman’s 2018 budget and ninth five-year development plan aim to improve the country’s investment environment and enhance the contribution of private sector in economic growth and diversification. Despite the financial and economic challenges posed by weak oil prices affecting investment activities and capital markets in the region, the budget statement said Oman’s privatization scheme will continue. “This scheme is essential to promote and expand participation of the private sector in economic activities.” According to the scheme, six state-owned enterprises will be privatized in 2018.