(MENAFN) Oman's economy contracted last year after five years of growth, primarily on account of the drop in crude oil prices in the global market.
Furthemore, net exports faced a setback last year due to low oil prices, while prudent financial consolidation measures redcued government expenditure.
On the other hand, GDP contracted 14.1 percent in 2015, reflecting a reduction in two key constituents of aggreagte demand.
Accordingly, the creation of adequate employment chances for Omanis has been one of the main macro-economic objectives of the government in the recent years.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.