Oman’s economy has largely been unaffected by the recent turmoil in global financial markets and the Eurozone debt crisis because its oil exports are mainly to faster-growing Asian countries, said the International Monetary Fund (IMF).
“With about 80 per cent of Oman’s oil-dominated exports going to Asia, the impact of the European crisis will be limited as long as it does not translate into significantly lower oil prices,” the multilateral agency said, adding “While regional unrest has created additional uncertainty, Omani banks have little exposure to the Eurozone. Credit to the private sector has continued to pick up and is projected to grow by over 11 per cent in 2011.”
The IMF said given a projected 10 per cent increase in government expenditure and with some slowdown in hydrocarbon output, overall real GDP growth is projected to edge down to 5 per cent in 2012.
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