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FINANCIAL NEWS
Oman unaffected by EU crisis: IMF
29 Dec 2011
(MENAFN) The International Monetary Fund (IMF) stated that Oman was not affected economically by the European debt crisis and the instability of global financial markets, reported Reuters.
The IMF stated that the European crisis could however affect Omani economy if the crisis affected oil prices in the future. If the crisis significantly lowers oil prices, the country could suffer largely from a budget deficit.
As for the effect of the Arab Spring, the fund noted that the spring took its toll on the Omani economy due to some social and political uncertainty in the country.
The IMF statement also pointed out that the large recruitment campaign by the government has eased short term unemployment, however it remains insufficient for tackling long term unemployment issues in the country.
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