Times of Oman
How will Oman's economy fare in 2018? Here is what the IMF thinks
October 11, 2017 | 9:23 PM
by ONA
The IMF has forecast that the deficit in the Sultanate’s balance of payment as percentage of the GDP will decrease from 18.6 per cent in 2016 to 14.3 per cent in 2018. Photo: ONA
 
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Washington: The International Monetary Fund (IMF) forecasts a 3.7 per cent growth in the real GDP of the Sultanate in 2018.

In its report on the outlook of the global economy for October 2017, which was published on its website, the IMF forecasts that the deficit in the Sultanate balance of payment as percentage of the GDP will decrease from 18.6 per cent in 2016 to 14.3 per cent in 2018.

The IMF forecasts a decline in the balance of payment deficit as a percentage of the GDP in 2015 to 13.2 per cent and will be further reduced to 6.1 per cent in 2022.

The report said that the global recovery is still going on at faster pace and that the picture is different from early last year when the global economy was stumbling and the financial markets were fluctuating. The report pointed out that the world is witnessing a rapid recovery that pushes the economies of Europe, China, Japan, U.S.A and the emerging Asia.



Globally, the IMF upped its growth forecast to 3.6 per cent in 2017 and 3.7 per cent in 2018, both 0.1 per cent higher than projections in July. Global growth in 2016 was 3.2 per cent.

The report also added that the biggest increase in 2016 is attributed to brighter outlook at the advanced economy. The positive correction for 2018 forecast is attributed to the relatively big role played by the emerging markets and developing economies.

The report forecasts an improvement in the total condition next year in South Sahara in Africa where there per capita share of GDP remained unchanged over the past two years.

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