Oman ranks first in WEF index's inflation indicator

(MENAFN- Muscat Daily) The World Economic Forum's Global Competitiveness Report 2014-15 assigned the first rank to Oman in terms of the inflation (percentage annual change) component of the Global Competitiveness Index (GCI). 

In the previous report Oman's inflation indicator was ranked 46th. The sultanate has an overall GCI ranking of 46 among the 144 economies surveyed according to the 35th edition of WEF's Global Competitiveness Report a press release issued by NCSI said on Monday.

The competitiveness report is a comprehensive assessment of national competitiveness worldwide analysing several elements including institutions policies and a host of factors that determine the level of productivity of a country. These are grouped under 12 distinct categories called pillars. Inflation is one of the five indicators that make up the third pillar called Macroeconomic Environment which falls under the basic requirements sub-index - a key for factor-driven economies.

Oman retained its 8th ranking in the Government Budget Balance indicator while improving the ranking by one place to 4th in the General Government Debt indicator. Both the indicators are measured as percentage of GDP and are components of the Macroeconomic Environment pillar.