Economy
Oman’s BB- Rating affirmed at Fitch

Muscat: The Fitch Credit Agency reaffirmed Oman’s credit status at ‘BB-‘ level, the same standing as before.
This comes in light of the strict circumstances being faced by Oman’s economy and, the stress of the COVID – 19 pandemic. The international financial rating powerhouse indicated that the medium-term fiscal plan that the Omani government started to implement, has contributed to the improvement of Oman’s financial position and that, the financial impact of the plan snowballs to RO 4.7 Billion by 2024, which accounts for a staggering 15% of the GDP.
It further stated in the report that, the deficit of Oman is expected to decline to 6.1% of the total GDP, by 2021. With respect to the economic growth rate, the report stated, “We expect growth to strengthen in 2022, to 3.3%, with higher average oil production and greater post-pandemic normalization, before slower growth in 2023-2024 amid ongoing fiscal austerity” thus, acknowledging that the growth in oil production till pre – COVID levels will drive a major chunk of the impetus, before an anticipated slowdown again in 2023 – 24. The report forecasted a decline in the previous non-oil deficit from 40% to 25% amidst the ongoing implementation of measures towards rationalization of spending and fiscal sustainability, at current rates.
-
Banking & Finance2 months ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
OER Magazines1 month ago
OER, July 25
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, July 25
-
Education2 months ago
Russia offers diverse tourism and education opportunities: Sofia Malyavina
-
Digital2 months ago
Russia’s Digital Frontier: An Inside Look with Alexey Goreslavsky of IRI
-
News1 month ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
Banking & Finance2 months ago
Sohar International Partners as Main Sponsor for Refill 3, a Culinary and Cultural Festival Driving Tourism in Khareef Dhofar
-
Energy2 months ago
Oman Investment Authority launches the Sultanate’s First Energy Transition Fund