MUSCAT: The Fitch Ratings has stated that the Gulf Cooperation Council (GCC) countries are leading with efforts to diversify the economy in the Middle East and North Africa region.

In a report published by English newspaper, The National, it has been said that the Sultanate of Oman and Qatar are focused on improving the business environment, attracting foreign investments and increasing the role of the private sector in the economy.

The report added, “Oman is likely to speed up privatisation efforts, while Qatar will seek to modernise its legislation to attract investors.”

It also pointed out that the economic growth in the Gulf countries will rise to nearly 5 percent this year, outperforming the countries of North Africa and the Levant, due to the double growth in hydrocarbon production and the strong growth in the non-oil sector.

In 2022, Fitch said, six of the eight fastest growing economies in the Middle East and North Africa will be oil producers.