JEDDAH: Oman's economy is expected to grow by 5 percent this year if oil prices stay at current levels and the Gulf sultanate has no plans to issue sovereign bonds at present, its finance minister said Wednesday. "We are looking at 5 percent (growth) as long as oil prices stay at current levels," Darwish Al-Balushi told reporters on the sidelines of a financial conference in Jeddah. Analysts expected the sultanate's economy to expand by 4.1 percent in 2011, unchanged from March. Oman plans to heavily invest in infrastructure projects in the coming years. Oman, which issued only small development bonds in the past, has the lowest government debt among Gulf Arab oil exporters at a mere 5.1 percent of its annual economic output in 2010. In December, Oman projected a record expenditure of RO8.1 billion ($21.1 billion) in its 2011 deficit budget, up 13.2 percent from the previous year's plan.
