Muscat – International Monetary Fund (IMF) has praised Oman’s efforts in dealing with the COVID-19 crisis and reviving the economy after the pandemic. It stated that higher oil prices, fiscal consolidation measures and progress on structural reforms are supporting a post-pandemic economic recovery in the sultanate.

While rebounding economic activity and elevated global inflationary pressures are expected to push up average inflation to three per cent in 2022, given the relatively high dependence on imports, direct spillovers on the Omani economy from the war in Ukraine have been limited.

Muscat Daily readers responded to the questions: Have you seen improvement in the economic situation? How has it made life better for you?

Ruskeen S
Private sector employee
Compared to other countries, Oman’s recovery is phenomenal under His Majesty’s leadership. The retail sector is witnessing movement and real improvement. The sluggish phase of business has gone.

Sameer Alam
Businessman
Oman has been wise and did not panic in the bad times. I am indeed very happy with the progress though it has been slow and steady. There have been regulations on prices and we didn’t see any price hike.

Sravan Mudumbai
Private sector employee
While the world is busy combating post-pandemic difficulties, like supply chain disruptions and now inflation, Oman has been resilient and focusing on growth while keeping inflation in check. This is mainly due to the price stability in energy and fuel, inexhaustible supply of migrant work force at prevailing rates and inflation being largely a depoliticised issue.
I have been able to continue to sustain as usual in these global difficulties and have feeling better as the near future doesn’t look uncertain.

Yousuf al Zadjali
Government employee
We have undergone challenging times but with the vision and foresight of the government, we have managed to overcome it. The IMF is right in its appreciation for the overall progress of Oman. We have seen new developments immediately after the pandemic, including high-end luxury resorts and big malls among others.

Reema Bhatia
Teacher
Oman’s economy has been boosted. Key priorities include enhancing labour market flexibility, boosting employment, vaccinating all people and improving the business environment. The tourism industry plays a lead role. The markets are normalised and there’s positivity in the people for a better life ahead. The Omani economy registered a relatively stronger growth rate in 2022.

Abdullah al Kindi
Salesman
The best thing that we have observed in the last few years after pandemic is that inflation is under control in Oman unlike other countries. There is hardly any price hike and even if there is, it’s nominal and of none essentials.