MUSCAT: Tourism in the Sultanate of Oman is expected to witness a strong recovery during 2022 and 2023, with stronger growth expected during the medium-term forecast period 2024-2026, according to international rating agency Fitch Solutions.
“We retain a positive outlook for tourism recovery in Oman over 2022 and 2023 with stronger growth envisaged over the 2024-2026 medium-term forecast period,” Fitch said.
The market, according to Fitch, was depressed due to Covid-19 but a notable recovery has been underway since late Q421.
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“Underlying growth momentum over the coming years will be supported by the strategic Vision 2040 economic diversification agenda and the highly capitalised position of the state’s tourism development authority, OMRAN,” Fitch said in the report.
“As of late May 2022, the government continues to aggressively implement its rebound strategy, unveil digital marketing initiatives and announce new sector specific investments,” Fitch added.
