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World Bank throws light on Oman’s ‘economic miracle’
By our correspondent
26 May 2008
MUSCAT — Oman is the only Arab country among 13 worldwide that achieved ‘economic miracle’ during the second half of the past century, according to a newly-published World Bank-supported global report.
The ‘Growth Report, Strategies for Sustained Growth and Inclusive Development’, compiled by the Commission on Growth and Development, listed the Sultanate as No.13 in the world to have achieved a miracle in economy post World War Two so far.
The report said Oman had witnessed maximum economic growth in the second half of the past century with its per-capita income rising from $950 in 1960 to $9,000 in 2005.
It said that the 13 countries were able to fully benefit from the world economy and maintain stability on total economy, achieve high ratios on savings, investment, allocations and distribution of resources based on market force.
“This was due to governments that are committed to achieving sustained economic growth and which enjoyed credibility with growth potentials,” the report said.
The Growth Report lists features of sustained growing economies, highlights the importance of leadership, government efficiency, economic security, competition and sound monitory and general financial policies and general investments in the field of health and education.
The Growth Report, which was published on the World Bank website, pointed out that countries that achieved economic miracles worldwide are the Sultanate, Botswana, Brazil, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Malta, Singapore, Taiwan and Thailand.
It observed that sustained economic growth was not an end, but a means to achieve important goals for individuals and societies, by finding resources supportive to health care and education, and reduction of poverty. The report also noted that governments were not the only responsible agency for achieving sustained growth, “but private sector was responsible as well in terms of creating relevant investments and setting up projects.”
It added that achieving good investment ratios in the areas of infrastructure, education and health care were major factors for achieving rapid sustained growth.
The Commission on Growth and Development is an independent authority, supported by Australia, Sweden, The Netherlands, UK, William and Flora Hewlett Foundation and the World Bank.
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