Oman Economic Outlook
March 10, 2020The economy almost certainly slowed last year, as oil production and government spending decreased. Moreover, lending growth to the private sector halved compared to the previous year, likely hampering private consumption and fixed investment. On a somewhat brighter note, the merchandise trade deficit narrowed according to customs data, as imports decreased at a faster pace than exports. Turning to early this year, Oman has reported several cases of coronavirus in recent days, prompting the government to tighten international travel restrictions, which could weigh on tourism. Moreover, plunging oil prices could force the government to rein in spending to make up for lower-than-expected revenue. Meanwhile, Moody’s cut Oman’s credit rating to Ba2 from Ba1 on 5 March, changing the outlook to stable from negative.
Oman Economic GrowthThe economy should accelerate this year, partly on the back of stronger fixed investment, which should benefit from an improved business climate. However, the impact of the coronavirus outbreak and poor public finances all weigh on the outlook. FocusEconomics Consensus Forecast panelists estimate growth of 2.0% in 2020, which is unchanged from last month’s forecast, and 2.6% in 2021.
Oman Economy Data
5 years of Oman economic forecasts for more than 30 economic indicators.
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|Exchange Rate||0.39||0.06 %||Dec 31|
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