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Oman Aims to Boost Growth

Oman Aims to Boost GrowthOman Aims to Boost Growth

Oman’s expansionary 2018 budget underlines the government’s determination to address outstanding economic challenges, including generating optimum growth and creating jobs, Reuters reported. The authorities are aiming for GDP growth of more than 3% on the back of stronger spending and higher oil prices. And stronger growth levels is essential to enhance job opportunities. The unemployment rate stands in single digits by official accounts, but in double digits according to international sources. Demographics add to the challenge, as many young Omanis are expected to enter the job market seeking positions matching their expectations. The 2018 budget assumes a rise in expenditures and revenues while keeping the deficit size intact. Expenditures are set at $32.5 billion, up by 6.8%. The move reverses the trend of trimming public spending following the oil price decline in 2014. The budget assumes an average oil price of $50 per barrel compared to $45 for fiscal 2017. Oil prices are projected to remain above $50, thanks in part to efforts by Opec members to limit output.

 

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