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Al Omaniya Financial Services

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As we usher in the year 2019 global economic growth remained modest in the early 2018 but the growth tapered down to approximately 3.7% towards the end of the year 2018. The growth has been uneven, and risks to the outlook are seen to be mounting. The Global economy is projected to grow at 2.3% in 2019 and 3% in 2020.

Global oil prices increased substantially in 2018 resulting in mitigating the budget deficit to some extent. The IMF has stated that the rise in the GCC growth is not only due to a resurgence of oil prices but also due to improvement of government finances through reduction of subsidies.

Despite the recent recovery in oil prices, the Government has maintained its aim to continue with its prudent fiscal management including controlling current spending. Analysts are cautiously optimistic about economic situation of Oman in light of a focused development plan, the prioritization of public investment, focused growth of SME’s and concerted effort on the diversification plan.

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