HSBC expects Omani economy to improve from 2021

HSBC expects Omani economy to improve from 2021

Muscat: HSBC's Global Economic Outlook virtual roadshow came to Oman, with more than 100 of HSBC Bank Oman's clients attending the online event.Simon Williams, Chief Economist for Central & Eastern Europe, the Middle East and Africa (CEEMEA); Stephen King, Senior Economic Advisor; and Paul Mackel, Head of Emerging Market FX Research, gave their views on the impact of COVID-19 on the global economy and explored various factors influencing macroeconomic trends, fiscal policy, as well as oil and foreign exchange markets. They also addressed the challenges and opportunities awaiting Oman and the wider region in 2021. The event was held at a critical time for the global economy, with countries around the world heading into the end of the year with increasing COVID-19 cases and global consumer confidence, which had shown signs of strengthening, starting to wane. In the GCC, oil exporters have faced the additional challenge of low oil prices.Melika Betley, CEO, HSBC Oman, said, “Oman's resilient spirit is serving it well in these uncertain times for the global economy. As we look to build back with even more purpose than before, I am inspired by the ideas, entrepreneurialism and partnerships that are helping foster recovery and growth in Oman.