Economy to grow by 3.5% in 2 years

MUSCAT: The Arab Monetary Fund (AMF) has revised its expectations about the growth of the Sultanate of Oman’s economy to at least 3.5 per cent over the next two years.

In a recent report, the AMF said that the positive outlook of Oman’s economy is the result of the expected rise in the government revenues, the adoption of a set of packages by the government to support economic recovery and the Oman Vision 2040, which targets to enhance economic diversification, improve the business environment and encourage the private sector.

The report said that Oman’s net oil revenues are expected to grow by 56 per cent this year compared to the estimated prices of the 2022 budget.

Economic growth, according to the AMF’s expectations, 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, fisheries. The government aims to increase the levels to boost the capacity of those sectors to generate output and generate job opportunities in light of the goals of Oman Vision 2040 to raise the percentage of nationals working in the private sector by 42 per cent by 2040.