Remarkable Transformation in Oman

The Barcelona-based Fox Economic said in a report it published recently that the Omani economy has witnessed a remarkable transformation due to the recovery of oil prices and the diversification efforts led by the government, ONA reported. It added that the regional global demand led to 25% growth in the sultanate’s non-oil exports during the period from January to October 2017. It added that the production of refineries and petroleum industries grew at similar rates during January and February 2018. Fox Economic also forecast that the Omani national economy will record more growth this year; thanks to the production increase plan from the Khazzan gas field and the economic diversification initiatives, which focus on enhancing non-oil exports and tourism. It also expected that the Middle East and North Africa region will witness a 2.8% growth rate in 2018; some 0.1% less compared to last month’s estimates. The report added that the growth of the global economy will further aid the Oman economy’s recovery.