Middle East and Central Asia > Oman

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International Monetary Fund. Middle East and Central Asia Dept.
التضخم للمستمر. أما معدا لإصلاحا ة وزخميتاومه أسعار النفط المععافيا تدت يشهد النشاط الاقتصاد اق:يسلا ىلع ضئاوف قيقحت إلى يرلجاا سابحلاة وملعاا ةيالملا ةصدرأ تلوحت ،زلعجا نم تاونس عدبف .نخفضام لظف عم ايربنخفاضا كا العام عالقطا نيد ضنخفاة. ومة العايللمال ةيلاحترازا ةرادلإاأسعار الطاقة و عفاترا ةيفلخ نامُع ةيؤر" ذينفت يف اريبا كمدقت تاطللسا ترزحوأ .نوديلر لكبملا دالسدا يف ةيتثنائسلاا تاروفولا ماتخدسا تانوبوكررديهلا ىلع نامُع نةطلس تمادعا نم ه للحدب غي القيامبما ينم ثيركناك اله لالا يز نكول ،"2040 .ينوبدروكريهر اليغ وملنا آفاق زيعزتو
International Monetary Fund. Middle East and Central Asia Dept.
The 2023 Article IV Consultation discusses that Oman’s economic recovery continues while inflation remains contained which is supported by favorable oil prices and sustained reform momentum. The banking sector remains resilient. Profitability has recovered to prepandemic levels, capital and liquidity ratios are well above regulatory requirements, and nonperforming loans remain low and sufficiently provisioned. Stress tests suggest that banks are resilient to credit and liquidity shocks. Risks to the economic outlook are balanced. Sustaining the reform momentum under Oman Vision 2040 will be key to building resilience and boosting prospects for more inclusive, diversified, and sustainable private sector-led non-hydrocarbon growth. This requires further efforts to improve institutional quality, reduce the state footprint, and enhance the business environment, which in turn would help amplify productivity gains from labor market and financial development reforms. It also calls for the steadfast implementation of the new social protection and labor laws, leveraging digitalization, and accelerating green investments and advancing policies to meet climate commitments.
International Monetary Fund. Middle East and Central Asia Dept.
This 2022 Article IV Consultation discusses Oman’s strong vaccination efforts have allowed for the relaxation of all social distancing restrictions, and the economic recovery is gaining traction. Uncertainties continue to cloud the outlook, with downside risks dominating in the short run. Reinforcing fiscal sustainability over the medium term, as envisaged under the Medium-Term Fiscal Plan, requires further revenue and expenditure measures. The exchange rate peg continues to serve Oman well. Efforts to strengthen the monetary transmission mechanism and establish the treasury single account should be carefully coordinated to maintain adequate banking system liquidity. Prudential rules should be restored to pre-pandemic levels as the impact of the pandemic declines. Close monitoring of banks’ asset quality remains essential. Steadfast implementation of reforms under Vision 2040 is needed to foster strong, job-rich, private sector-led growth. This would require enhancing labor market flexibility, improving the business environment, advancing state-owned-enterprises reforms, leveraging digitalization, and tackling climate challenges.
International Monetary Fund. Statistics Dept.
This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)—Data Module for Oman. It is observed that Oman has made significant progress in the compilation and dissemination of macroeconomic statistics since the 2004 ROSC mission. The main progress has been achieved in monetary statistics, price indices, and balance of payments, in particular the introduction of the producer price index, and improvements in data relevance, transparency, classification, and sectorization. The report also recognizes the need for Oman to move to higher data standards and identifies shortcomings in statistical practices and products that remain to be addressed.
Abdulrahman K Al-Mansouri
and
Ms. Claudia H Dziobek
The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, based on economic convergence. To monitor convergence and support economic and monetary policy, comparable economic data for member countries and data for the region as a whole will be essential. What is the most efficient way to produce these data? The authors survey the statistical institutions in the GCC countries and present the case for creating "Gulfstat"-a regional statistical agency to operate within a "Gulf States System of Statistics." Valuable lessons can be learned from regional statistical organization in Africa and the European Union-Afristat and Eurostat.
International Monetary Fund
This report on Oman’s Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Omani authorities have strongly committed to adhering to internationally accepted standards and good practices in statistics. The authorities have taken several important measures such as implementing the latest international statistical standards and/or moving in that direction, and participating in the General Data Dissemination System (GDDS) and regularly updating the GDDS metadata.
International Monetary Fund. External Relations Dept.
George T. Abed, a Palestinian and a Jordanian national, took over this summer as Director of the IMF’s Middle Eastern Department. In his distinguished 20-year career at the IMF, he has worked on the Middle East and on fiscal policy issues worldwide. Outside the IMF, he taught at the University of California, Berkeley, and managed a development assistance foundation in Geneva, Switzerland. Laura Wallace spoke with him about the region’s prospects amid political tensions and difficult economic challenges. Besides modernizing the state and liberalizing the region’s economy, he stressed the paramount importance of democracy, human development, and attention to social needs.