Oman banks on SMEs, tourism to revive economy

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Dubai

Oman is banking on its non-oil sectors, including small-to-medium enterprises and tourism, to revive the local economy, national daily Times of Oman has reported. The Oman Chamber of Commerce and Industry has predicted a 2.5 percent economic growth next year. “We feel that by next year the Covid-19 pandemic will be over, and this means we could actually have some growth,” Ahmed Al-Hooti, the Chamber’s head of economic research, said. The country will see an improvement in economic activity, especially for the hard-hit tourism sector, if the pandemic slows down next year, he said. “If the coronavirus remains or comes back stronger, then we cannot do anything about it,” Al-Hooti added.