|10-14-2014, 02:58 AM||#1|
Oman`s economy to grow 3.4% in 2014-15, IMF says
Oman`s economy is forecast to grow 3.4% in 2014 and 2015, the International Monetary Fund (IMF) said on Sunday.
The IMF said economic growth remains strong overall in the GCC countries. However, the group has lowered forecasts for other Arab countries over regional security challenges.
According to the latest GDP estimate, the Omani economy expanded by 2.17% in 2013.
Oman’s growth is estimated to be the second lowest after Kuwait in the region, while Qatar is expected to post the highest growth rate of 6.5%. Saudi Arabia and the UAE are set to grow 4.6% and 4.3% respectively.
Inflation is expected to remain contained in the region, considering pegged exchange rates and softening global food costs. Oman’s inflation is seen at 2.8% in 2014-15, compared with 0.3% in 2013.
Growth in the GCC countries is expected to average 4.5% in 2014-15, while non-oil GDP is seen at 6%.
Oil GDP is expected to only rise 0.5%. Slower increase in global demand and rising supply in North America are making notably contributing to the decline of global oil prices.
The IMF’s report signals that countries in the GCC are seeking to shift growth away from oil-dependency and towards more efficient public spending.
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