Global banking giant HSBC expects Oman’s economy to start improving from next year. HSBC’s Global Economic Outlook virtual roadshow came to the sultanate on Monday, with more than 100 of HSBC Bank Oman’s clients attending the online event.
Simon Williams, HSBC’s chief economist for Central and Eastern Europe, the Middle East and Africa; Stephen King, senior economic advisor at HSBC; and Paul Mackel, head of emerging market FX research at HSBC, 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.
MelikaBetley, CEO of 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. We were delighted to host so many friends of HSBC at our Global Economic Outlook virtual event and I’d like to thank all of them for their continued support.”
Williams said, “Across the GCC, we are seeing signs of states taking assertive policy action to manage the impact of the energy price slump and put public finances on a more sustainable footing. In the long-term, high deficits, muted economic growth and rapid increases in the working-age population mean that the well-recognised need for economic diversification is even more acute.”
The HSBC Global Economist Outlook roadshow is an annual event, which sees HSBC economists presenting in markets around the Middle East, North Africa and Turkey, giving an update on their outlook on the global and regional economies.
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