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Arab Monetary Fund bullish on Oman’s economy

The Arab Monetary Fund (AMF) predicts a positive outlook for Oman over the next two years.

In a recent report, it said it had revised its expectations and expected the Sultanate’s economy to grow by at least 3.5 per cent.

It cited the expected rise in government revenues, measures taken by the government to support economic recovery and its Oman Vision 2040, which targets to
enhance economic diversification, improve the business environment and encourage the private sector.

The report said net oil revenues are expected to grow by 56 per cent this year compared to the estimated prices of the 2022 budget. Economic growth will be supported by the government’s ongoing efforts to leverage output levels of five key economic sectors that are focused on the economic diversification strategy within the framework of the Oman Vision 2040.

Those sectors include tourism, logistics, manufacturing and fisheries. The government aims to increase the levels to boost the capacity of those sectors to generate output and job opportunities.

The Sultanate aims to increase the number of nationals as compared to expatriates working in the private sector and a key goal of Oman Vision 2040 is to raise this proportion by 42 per cent by 2040.

RAHMA AL KALBANIYAH
Oman Observer

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