03 September 2014
MUSCAT -- Despite the fact that the Omani economy is classified among 24 countries which are in the transition stage from efficient performance based economy to innovation and creativity based economy, the Sultanate stood 46th at the world level in the recently released World Economic Forum's (WEF) Global Competitiveness Index 2014-2015 report.
This year's report highlighted the effectiveness of the economic changes and developments in the Sultanate and its competitiveness based on a number of indicators related to institutional framework, infrastructure, macroeconomic, health and education sector, higher education and training, market efficiency, labour market efficiency, capital market efficiency, technology readiness, the size of the private sector, innovation and
development.
The outcome of the study conducted by the WEF pointed out that the major factors that affect the growth of the Omani economy centres around the labour and employment system, education level of the Omani manpower, work ethics and effective measures.
The Sultanate received high ranking in the macroeconomic environment, which measures the balance of the government budget, the size of national savings and inflation. These factors determine whether the country has provided business friendly environment or not.
Dr Salim bin Nasser al Ismaili, Chairman of the Public Authority for Investment Promotion and Export Development (Ithraa), said in a statement that we need to continue our efforts to improve the Sultanate's competitiveness and build innovation-based economy.
While Switzerland stood 10th in international ranking for the sixth consecutive year in competitiveness, Singapore came second for the fourth consecutive year, the US third and Finland fourth.
MUSCAT -- Despite the fact that the Omani economy is classified among 24 countries which are in the transition stage from efficient performance based economy to innovation and creativity based economy, the Sultanate stood 46th at the world level in the recently released World Economic Forum's (WEF) Global Competitiveness Index 2014-2015 report.
This year's report highlighted the effectiveness of the economic changes and developments in the Sultanate and its competitiveness based on a number of indicators related to institutional framework, infrastructure, macroeconomic, health and education sector, higher education and training, market efficiency, labour market efficiency, capital market efficiency, technology readiness, the size of the private sector, innovation and
development.
The outcome of the study conducted by the WEF pointed out that the major factors that affect the growth of the Omani economy centres around the labour and employment system, education level of the Omani manpower, work ethics and effective measures.
The Sultanate received high ranking in the macroeconomic environment, which measures the balance of the government budget, the size of national savings and inflation. These factors determine whether the country has provided business friendly environment or not.
Dr Salim bin Nasser al Ismaili, Chairman of the Public Authority for Investment Promotion and Export Development (Ithraa), said in a statement that we need to continue our efforts to improve the Sultanate's competitiveness and build innovation-based economy.
While Switzerland stood 10th in international ranking for the sixth consecutive year in competitiveness, Singapore came second for the fourth consecutive year, the US third and Finland fourth.
© Oman Daily Observer 2014
