MUSCAT: Dr. Ali bin Masoud Al Sunaidy, Oman’s Minister of Commerce and Industry has stressed that the country now has to get to economic reforms and enable the youth and private sector to carry the future.
Speaking to Bloomberg TV on the sidelines of the World Economic Forum, Sunaidy admitted that the oil crash in 2014 hit the Sultanate hard, with its GDP falling from OR30 billion to OR26bn, although he stressed it was back up to pre-2014 levels. “Thank god we are now back on OR30bn and so now we have to get in on reform, economic reform and enabling further the youth and the private sector to carry the future,” he said.
According to the minister, reforms include cuts to fuel and electricity subsidies as well as the introduction of a foreign investment law and PPP law, that are designed to take the country forward.
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