Reforms set for Oman's steady recovery

 The last four decades saw the Sultanate of Oman recording substantial economic gains due mainly to the various programmes and support mechanisms implemented by its government to keep it on the right track for growth. Even in the face of the global economic turmoil, Oman has been able to weather the crisis. And with the current spate of protests and strikes in the Sultanate, steps are being taken to sustain economic growth.
For his part, Sultan Qaboos bin Said al-Said, who has implemented reforms in his four-decade rule, has initiated a series of changes to address the issues raised by protesters, even to the point of reshuffling his cabinet and removing officials who were accused of corruption. Another important step is the package of financial incentives that will add about $2.6 billion to public spending. Oman is also expected to benefit from a $20 billion aid from wealthier Gulf states.
The International Monetary Fund (IMF) earlier expressed its optimism on the Sultanate's medium-term economic prospects despite some protests demanding for higher wages, more workers' benefits and other political issues. The IMF said that the economy rebounded last year, thanks to the growth of the non-hydrocarbon sector. In 2010, hydrocarbon and non-hydrocarbon GDP growth are estimated at 6.2% and 3%, respectively. Continued investment into the sector could push non-hydrocarbon GDP growth to grow by 6.5%. The IMF further reported that the banking system has been resilient and reported strong profits in the first 9 months of 2010. This was backed by another announcement during the second Middle East Securities Forum by Shaikh Saad bin Mohammed al Saadi, Minister of Commerce and Industry and Chairman of the Capital Market Authority (CMA) Board, who said that Oman's economy grew by 28.3% in the first 9 months ending in September 2010.

High rank in competitiveness a plus factor
The World Economic Forum (WEF) said in its annual Global Competitiveness  Report 2010/2011 that Oman has been able to maintain its 34th ranking amongst 139 countries listed in the international index. The WEF's report is based on such indices as economic requirements, efficiency enhancers, innovation and sophistication factors. The Sultanate's score is 2.1 points higher than last year, reflecting improvements in business freedom, monetary freedom, and government spending. Oman is ranked 3rd out of 17 countries in the Middle East/North Africa region, and its overall score is above the world and regional averages.
The report acknowledged that oil has been the most important engine of growth in Oman's economy. It also cited the importance of a dynamic entrepreneurial class, as well as the government's steps in diversifying production and pushing for broader-based economic development. The overall regulatory framework has become more streamlined, and competitive tax rates are in place. Foreign investment is welcome in many sectors, although the approval process can be burdensome. The global financial turmoil's impact on the financial sector and the economy has been relatively slight.
The Sultanate received a high ranking of 24 points in the partial indicator related to basic requirements, 16 points in the institutions indicator, 33 points in the infrastructure indicator and 3 points in the microeconomics indicator. It also ranked 20th in the goods market efficiency indicator, 36th in the work market efficiency indicator and 30th in the financial market development indicator. Various criteria were measured on the basis of surveys conducted by the WEF. The Sultanate ranked 24th at the global level in property rights, 25th at the global level in intellectual property rights, 18th on world level in the alNike Air Max 90 Womens Grey