IIF sees Oman to maintain strong non-oil GDP growth
The Institute of International Finance (IIF) has said Oman’s non-oil sector growth is expected to remain strong, helped by continued growth in infrastructure spending and robust private sector activity, Muscat Daily has reported. “We expect non-oil growth to remain strong in 2014, reflecting strong growth in infrastructure spending and robust private sector activity,” said David Hedley, deputy director – Africa/Middle East at the IIF, in IIF’s regional overview of GCC economies. According to the IIF, the sultanate’s overall GDP growth may slow to about 4.5% in 2014, from an estimated 4.8% last year, due to a slowdown in hydrocarbon growth. “We expect a further moderation in growth to about four per cent in 2015, as fiscal stimulus fades due to the need to tighten the budget and curtail growth in current spending,” said Hedley.