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Economics & Development | Global Arab Network
Oman - International recognition for 40 years achievements
Global Arab Network - - Ammar Shikhani
Sunday, 14 November 2010 13:23
Oman (Muscat) - During the last 40 years of the blessed Renaissance under the wise leadership of His Majesty Sultan Qaboos bin Said, the Sultanate's development efforts have made tangible and great achievements in all walks of life ; thanks to the conducive investment milieu.

The reports published by the rating agencies and other international organizations are good indicators for decision makers and investors in terms of assessing the competitiveness of the investment environment and the production indicators.

The available statistics point out that there has been constant growth in the local and foreign investments in the Sultanate.

The improvement in the investment environment in the Sultanate will boost the national economy and qualify it to expand diversity and develop its economic base, activate the private sector and increase the job opportunities for national manpower and improve production in all sectors, especially the non-oil sectors.

The UN Human Development Report 2010 pointed out that the Sultanate came first from among 135 country covered by the report in terms of the human development rate during the last 40 years. The report attributed this to the major achievements in health and education, reports Global Arab Network.

The UN raised the rating of the Sultanate in its Human Development Report in 2006 to the category of the high human development countries.

The Doing Business Report published by the World Finance organization and World Bank in November 2010 pointed out that the Sultanate came 57 in easiness of doing business amongst 183 countries covered by the report compared to 65 in 2009.

The Competitiveness Report published by Institute of Management Development in Switzerland pointed out that the Sultanate jumped from 31st position in 2004 from among 61 countries to 15th in 2009 from among 58 countries. This is attributed to the improvement in all the four main indicators. In the economic field, the Sultanate rose from 26th in 2004 to 19th in 2009. In the government efficiency, the Sultanate moved from the 7th place to the 3rd place. In business, it increased from 40th to 19th. In infrastructure, it increased from 42nd to 35th in 2006.

The report attributed the improvement in the economic performance to a number of factors the most prominent of which is the strong performance of the national economy. The Sultanate was ranked third in the field of governmental efficiency with a scope for more progress in the future, which the Sultanate is working on through improving investment related laws.

As for the infrastructure indicator, the Sultanate achieved a leading position in terms of developing, planning, developing and spending on roads, airports and seaports. The Sultanate came 8th from among 58 countries covered by the report. The 2009 report points out that the Sultanate has been in a group that includes France and Spain in 2004 but in2009, it surpassed these two countries. It also pointed out that the Sultanate has a number of potentials that will improve its global competitiveness.

The World Competitiveness Report of the World Economic Forum pointed out that the Sultanate had a marginal decline from 38th from among 134 countries in 2009 report to 41st from among 133 countries in 2010 report.

Moodys' Agency in its report in February 2010 regarding credit worthiness raised the Sultanate from the A2 group to the A1 for government bonds in both local and foreign currencies, and the sovereign rating of banks deposits in foreign currency from group A2 to A1. The rating agency raised the sovereign rating of development bonds in foreign local and currency from group A3 to A2. It attributed this to the strong economic performance and the Sultanate's ability to achieve a balance in the state budget, as well as, the big foreign currency reserves, which have accumulated throughout the last years.

In its report published in March 2010 regarding credit worthiness, Standard & Boors Rating Agency classified the Sultanate among A group for long terms and A 1 group for short terms, for the government bonds in local and foreign currencies. The Agency attributed the high ranking of the Sultanate to the positive forecasts about the strong economic performance of the Omani national economy and the accumulation of strong foreign currency reserves, which in turn ensure financial stability.

The Sultanate was also ranked 36th from among 141 countries at the Economic Freedom Report by Frazer Establishment in Canada.

The Economic Freedom Report published by the Heritage Foundation and Wall Street Journal 2010 ranked the Sultanate 43rd from among 179 countries. The Sultanate came fourth on the Gulf level.

The International Transparency Report published by the Berlin based International Transparency Organization affirmed the Sultanate's success in improving its international ranking by two grades. In 2010 report, the Sultanate came 39th on the international level and 3rd on the Arab level in 2009.

The Sultanate raised 20 grades in the World Economic Forum Report on the readiness of countries for e-government. The Sultanate came 19th from among 133 countries in 2009 compared to 39th from among 134 countries in 2009.

At the most stable countries report published by U.S Peace Fund, which covered 177 countries and where Norway came first at the 177th ranking, the Sultanate came at the 146th ranking.  This means that the Sultanate is the most Arab and African stable countries.

As per the U.S based Economy and Peace Report , the Sultanate came second at the Arab level and 23rd in the global level in terms of international peace indicator , which covers 149 countries.

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