Oman economy could grow 6.4% in 2012

Oman’s economy is forecast to grow 6.4 percent in 2012 amid a rise exports from its non-hydrocarbon sector, the Institute of International Finance (IIF) has said. The small non-OPEC oil exporter, which was hit by a wave of protests amid the Arab Spring last year, is expected top 2011 growth in the year ahead, the IIF’s director for Middle East and Africa told Muscat Daily. “We witnessed very solid growth in Gulf economies last year, particularly in Oman, despite the struggling global economy and Arab Spring. We expect Oman's economy to grow higher than last year - at 6.4 percent in 2012,” said George Abed. “The major part of this growth in Oman will not come from the oil and gas sector. Oil and gas has done a lot for government finances and the development of the country, but the major chunk, almost 70 per cent, of the growth will be from the non-hydrocarbon sector,” he added.