Despite COVID19, Oman faces low economic risk

Energy Saturday 25/April/2020 18:35 PM
By: Times News Service
Despite COVID19, Oman faces low economic risk

London: Despite the economic impact and the reduction in oil prices brought about by the ongoing COVID-19 pandemic, Oman is likely to face only a low level of economic risk, a new global report that covers 174 countries around the world has said.
In this report, Oman ranks 47th in terms of the economic and political risks faced, placing it among those countries on which the disease is expected to have a low level of impact.
The report was put out by Euromoney Magazine, and covers a number of risk indicators that could affect these countries. Euromoney Magazine said that despite the suspension of flights, postponement of tourism, and liquidity issues, Oman is expected to make necessary financial arrangements to tide over the crisis.
Euromoney Magazine pointed to the risks involved, and the probable impacts of COVID-19 on trade and tourism, as well as the shock caused to oil prices. The average risk rate in the Middle East has decreased by 0.77, which makes it greater than that witnessed in Asia, Central and Eastern Europe, and Latin America.
The survey was based on 15 indicators for the political and economic risks, such as political stability, policy making and structural performance. Switzerland topped the list, followed by Sweden, the Netherlands, Germany and Canada, respectively.