MUSCAT: Oman has moved rapidly and decisively to contain the COVID-19 crisis, International Monitory Fund (IMF) said on Tuesday.
In a statement issued, IMF said the Sultanate’s economy is expected to gradually recover from the pandemic and strengthen over the medium term. The overall GDP, according to IMF, is projected to grow around 2.5 percent in 2021 with about 3 percent average growth over the medium term.
“Non-hydrocarbon GDP growth of 1.5 percent is projected for 2021, as vaccine rollout gradually restores domestic economic activity along with the recovery of external demand. Thereafter, it increases gradually over the medium term as the impact of fiscal adjustment subsides, reaching 4 percent in 2026,” IMF said in the statement.
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“Fiscal, monetary, and financial support measures introduced by the government have been deployed to ease the burden on households, firms, and banks,” the statement said.
“The IMF mission highly values the candid discussions with the authorities and expresses its gratitude for their excellent cooperation,” the statement added.
