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Middle East and Central Asia > Oman

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Cover Policy Papers
Gulf Cooperation Council: Trade and Foreign Investment—Keys to Diversification and Growth in the GCC
International Monetary Fund
Diversification of the GCC economies, supported by greater openness to trade and higher foreign investment, can have a large impact on growth. Such measures can support higher, sustained, and more inclusive growth by improving the allocation of resources across sectors and producers, creating jobs, triggering technology spillovers, promoting knowledge, creating a more competitive business environment, and enhancing productivity. The GCC countries are open to trade, but much less so to foreign direct investment (FDI). GCC foreign trade has been expanding robustly, but FDI inflows have stalled in recent years despite policy efforts taken to reduce administrative barriers and provide incentives to attract FDI. Tariffs are relatively low; however, a number of non-tariff barriers to trade persist and there are substantial restrictions on foreign ownership of businesses and real estate. The growth impact of closing export and FDI gaps could be significant. In most countries, the biggest boost to growth would come from closing the FDI gap—up to one percentage point increase in real non-oil per capita GDP growth. Closing export gaps could provide an additional growth dividend in the range of 0.2-0.5 percentage point. Boosting non-oil exports and attracting more FDI requires a supportive policy environment. Policy priorities are to upgrade human capital, increase productivity and competitiveness, improve the business climate, and reduce remaining barriers to foreign trade and investment. Specifically, continued reforms in the following areas will be important: • Human capital development: continue with investments made to raise educational quality to provide knowledge and skills upgrade. • Labor market reforms: aim to improve productivity and boost competitiveness of the non-oil economy. • Legal frameworks: ensure predictability and protection; efforts should include enhancing minority investor protection and dispute resolution; implementing anti-bribery and integrity measures. • Business climate reforms: focus on further liberalizing foreign ownership regulations and strengthening corporate governance; and on further reducing non-tariff trade barriers by streamlining and automating border procedures and streamlining administrative processes for issuing permits.
Keywords:
PP; GCC country; FDI inflow; GCC economy; GCC government; export gap; FDI gap; Foreign direct investment; Exports; Trade barriers; Export diversification; Business environment; Global
Cover IMF Staff Country Reports
United Arab Emirates: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates
International Monetary Fund
The 2007 Article IV Consultation on the United Arab Emirates (UAE) examines the near- and medium-term outlook, inflation, and fiscal policy. The rapid expansion is supported by an outward-oriented development strategy and sustained high oil prices. Reforms are under way to strengthen the prudential and regulatory oversight of the banking system and the capital markets; to open the banking sector to greater competition; and to strengthen the legal framework for the financial sector. Executive Directors agreed that the key challenges will be to ensure sustained noninflationary growth and further diversification of the economy.
Keywords:
ISCR; CR; U.A.E.'s capital markets; staff appraisal; government; U.A.E. financial system; U.A.E. dirham; U.A.E. banking sector; U.A.E. government strategy; Commercial banks; Oil prices; Income; Foreign assets; Real effective exchange rates; Middle East; Global; East Asia; Central Asia
Cover IMF Survey
IMF Survey, Volume 31, Issue 18
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; minister; country; IMF's website; website; Horst Köhler; emerging market country; foreign direct investment website; IMF Deputy managing director; U.K. national; Collective action clauses; Sovereign debt restructuring; Debt relief; Poverty reduction strategy; Global; Africa; Asia and Pacific; Middle East
Cover IMF Working Papers
The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries
Mr. Gian M Milesi-Ferretti
and
Mr. Philip R. Lane
Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries.
Keywords:
WP; stock position; debt ratio; foreign assets; external debt; foreign direct investment; equity flows; net FDI stock position; debt assets; debt liability; FDI assets; debt stock; stock data; FDI liability; equity liability; FDI inflow; asset position of the country; net debt definition; debt position; Stocks; Current account; Africa