Oman jumps four places in global report

Muscat: Plans to improve the ease of doing and setting up business in Oman will be discussed at a special meeting at the headquarters of the National Centre for Statistics and Information (NCSI).
The meeting is set to take place today and will involve the NCSI, the National Competitiveness Office and members from Oman’s ministries.
Oman was ranked 62nd out of 137 nations in the world when it came to the ease of doing business in the World Economic Forum’s Global Competitiveness Index for 2017-2018, and although the Sultanate was ranked in the top half of the report, having jumped four places since the previous report was put out, the government is keen on pushing the nation further up the list, as it seeks to expand the national economy and boost trade and investment.
“Governments, businesses, and individuals are experiencing high levels of uncertainty as technology and geopolitical forces reshape the economic and political order that has underpinned international relations and economic policy for the past 25 years,” said Richard Samans, head of global agenda and a member of the Managing Board at WEF.
“At the same time, the perception that current economic approaches do not serve people and societies well enough is gaining ground, prompting calls for new models of human-centric economic progress.”
“In many advanced economies, the value of economic growth for society has come into question as a result of increasing inequality, the challenges of technological change, and the complex impacts of globalisation— including those related to trade in goods, services, and data, and to the movement of people and capital,” he added.
“In emerging economies, record decreases in poverty and a growing middle class have fuelled higher aspirations and demands for better public goods. These demands are now clashing with slower growth and tightening government budgets,” he said.
“The goal of human-centric economic progress is the increase in sustainable and equitable welfare for a country’s population. “And while economic growth, as measured by GDP, is not an end in itself, it remains a precondition for enhancing human welfare,” he added.