Featured by OBG
Oman is actively diversifying its economy as part of its Oman Vision 2040 strategy, reducing its reliance on hydrocarbons by expanding sectors like agriculture, fisheries, manufacturing, and banking. The government’s focus on sustainable development is driving growth, particularly through strategic reforms, infrastructure projects and investment in renewable energy. Efforts to improve financial services, including banking, insurance and capital markets, have contributed to economic stability and attracted foreign investment. Oman’s advantageous geographic location enhances its role in regional trade, with a growing focus on ICT and digital transformation, positioning the country as a leader in innovation. The government has also invested heavily in education and health care, improving literacy rates and life expectancy while adopting modern technologies. The tourism sector is another key area of growth, with the government promoting sustainable practices and supporting local economies through community-based projects. Overall, Oman’s transformation is enhancing its competitiveness and positioning it for long-term economic growth.
Benefitting from strong ties to both Europe and the Arab world, Morocco has the right ingredients for future growth: low inflation, political stability, an industrial base and a favourable climate. With the outlook improving for Morocco’s trade partners and the lower price of oil – of which the country is a net importer – most observers expect growth to be even stronger in 2015, with estimates ranging from 4.4% to 5.0%.
Following successful completion of the Papua New Guinea liquefied natural gas project, the country is experiencing a surge of optimism about foreign investment and overall economic growth. PNG remains favoured by its traditional investors such as Australia, but it is increasingly a target for new players, including China and Japan.
An upper-middle-income country situated on the Gulf of Guinea, Gabon is one of Africa’s leading oil producers. With a population of around 1.7m and a stable political system, it plays a leading role in the region through its membership in the CEMAC economic bloc.
Lower government revenues following the downturn in global hydrocarbons prices have prompted Trinidad and Tobago to re-evaluate its spending priorities and intensify its efforts to diversify the largely energy-driven economy. Thanks to the country’s strong fundamentals, 2015 is expected to be a recovery year, with the Caribbean Development Bank forecasting expansion of 1.7%, after GDP growth of less than 1% in 2014.
Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
