Plenty of evidence suggests that Oman’s economy is doing well. The notable aspects are a healthy fiscal surplus, positive external balances, solid economic growth rates, steady rise in oil output, and gains notched on numerous international indexes, to name a few.
The fiscal surplus in 2011 was equivalent to around 7 per cent of the country’s gross domestic product (GDP). Also, the sultanate posted a current account surplus in the region of 14 per cent of GDP in 2011. A good share of the credit for this healthy performance goes to steady oil prices.
In fact, the statistics could only improve if and when Oman starts capitalising the $10-billion (Dh36.72 billion) Gulf Development Fund. In 2011, the GCC as a group agreed to provide financial assistance in the form of $1 billion annually over a span of 10 years to both Bahrain and Oman as a means of addressing socio-economic issues that reflected in protests in both countries.
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