Oman’s GDP to expand by 4.6% in 2011

31 May 2011

(MENAFN) The US Institute for International Finance (IIF) reported that in 2011, Oman would be expected to witness a financial boom as a result of increasing oil prices, where its real gross domestic product (GDP) would expand by around 4.6 percent, reported Emirates 24/7.

The institute added that during this year, the country’s nominal GDP would go up by almost USD17 billion whereas its debt would fall below 5 percent of GDP, adding that foreign reserves would increase to around USD16 billion.

The Washington based institute also said that Oman took economic measures to deal with social issues. The country would create 50,000 jobs, of which 35,000 in the public sector and the other 15,000 in the private one. On the other hand, the government raised minimum wage to reach USD520 per month, and unemployment benefits would reach USD388 per month for those who didn’t find a job but were registered with the Manpower Ministry as job seekers.

It is worth noting that Oman’s GDP is expected to go up from USD57.2 billion in 2010 to around USD74.8 billion in the current year and to USD77 billion in the next year.

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