Oman’s recent trade growth can be attributed largely to the expansion of the hydrocarbons sector, which has accounted for more than 70 per cent of total exports in recent years
Government spending had created 36,000 private sector jobs for nationals in 2012, and a further 56,000 would be created this year.
The 2013 Index of Economic Freedom by the Heritage Foundation ignores the fact that public sector is essential during the struggling times, as demonstrated by the European sovereign debt crisis.
Government’s readiness to increase its spending and financial support for the SME sector will enable the private sector to play a bigger role in driving economic growth and creating jobs.
If they are really serious about improving their foreign direct investment stature, the GCC countries cannot overlook the recent Corruption Perceptions Index .
During 2010-11 the government has invested over $360mn towards modern systems of irrigation, directed at changing patterns and methods of traditional farming, introducing greenhouses and other new farming technologies with a view to increasing yields.
The enhancement of the private sector’s role as well as increasing education and skills levels can be fuelled by the hydrocarbons sector for some time to come.
With an extraordinary 28 per cent GDP growth in 2011, Saudi Arabia alone accounts for 45 per cent of the GDP of all the GCC countries put together.