Oman’s Economy in Better Condition than IMF Projections: Institute of International Finance

The Institute of International Finance (IIF), a US-based global financial industry association, has stated that Oman is making strides in financial adjustment and structural reforms to help mitigate the impact of the COVID-19 pandemic on the economy.

The IIF confirmed that the Omani economy was in a better condition than recent International Monetary Fund (IMF) projections, which forecast a 10% contraction in real gross domestic product (GDP) in 2020 with growth only anticipated in 2022. Meanwhile, IIF’s forecasts are less pessimistic, with a 6.2% GDP contraction projected for 2020, followed by a 1.5% increase in real GDP in 2021. This was attributed to Oman’s expected average crude oil export prices for 2020...