A recent report published by Thomson Reuters News Agency has said that as per the forecast growth rate, the budget deficit and the status of the balance of payments, the Omani economy is expected to perform well in 2018.
The agency said that its forecast is supported by data published by the International Monetary Fund (IMF) in April, after reviewing Oman’s financial and monetary condition. It said that any improvement in the economy in an environment characterised by a drop in oil price drop was not something that was easy and it may serve as evidence of the government’s ability.
The agency said that the IMF forecasts a 3.7 percent growth in Oman’s real GDP for 2018. The IMF estimated that Oman’s deficit as percentage of the GDP will decrease from 18.6 percent in 2016 to 14.3 percent next year, which it claimed to be a milestone achievement.
The report said that Omani officials endeavor to enhance export opportunities gradually, particularly the consumable materials produced at the Sohar Industrial Zone. It pointed out that the Sultanate has a number of industrial complexes, free economic zones and world-class ports that altogether provide a solid platform for enhancing export revenues. The agency also said that opening a new terminal at Muscat International Airport in the first half of 2018 would be a vital move for Oman Air.