TAG: Financial Services
The growing recognition that economic liberalisation offers the best path forward for the country has been reflected in a number of recent reforms, including a spate of significant stimulus packages that were announced late in 2015 and continued into 2016.
Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts are a driving force behind its economic growth. The sultanate’s long-term development strategy, Oman Vision 2020, emphasises industrialisation, privatisation and Omanisation, and resulted in a real GDP growth rate of 3.3% in 2015. At the same time, foreign direct investment inflows have risen from $739m in 2014 to an estimated $822m in 2015.
Hydrocarbons remain the mainstay of Algeria’s economy, although following the drop in oil prices since mid-2014, the government is hastening efforts to encourage investment in other sectors, with a particular focus on industry and agriculture. While foreign reserve and government debt levels are under pressure, both appear set to remain reasonably comfortable over the near future.