Oman warns private sector to prepare for conditions to deteriorate as coronavirus hits global economy  

The Oman Chamber of Commerce and Industry said that companies should take precautions when making decisions regarding their financial forecasts. (Shutterstock)
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Updated 08 April 2020

Oman warns private sector to prepare for conditions to deteriorate as coronavirus hits global economy  

  • Oman called on business to take precautionary measures to tackle the Covid-19 crisis until mid-June
  • The coronavirus pandemic hammered the world economy, cementing economists’ views of a deep global recession

DUBAI: Oman warned companies in the private sector to prepare for conditions to deteriorate economically and to take precautionary measures to tackle the Covid-19 crisis until mid-June.
The Oman Chamber of Commerce and Industry (OCCI) said in a statement that companies should take precautions when making decisions regarding their financial forecasts, calculating financial flows, Times of Oman reported. 
“Oman Chamber of Commerce and Industry expresses its gratitude and appreciation to the private sector, individuals and institutions for their interaction, interest, national sense, and their rapid response by providing all support and assistance to face the current crisis that the country is going through,” an OCCI statement said.
Business activity collapsed from Australia, Japan and Western Europe to the United States at a record pace in March as measures to contain the coronavirus pandemic hammer the world economy, cementing economists’ views of a deep global recession.
The highly contagious coronavirus, which causes a respiratory illness called COVID-19, has caused entire regions to be placed on lockdown and in some places soldiers are patrolling the streets to keep consumers and workers indoors, halting services and production and breaking supply chains.


Thailand finance minister: economy to recover next year with 4% growth

Updated 23 November 2020

Thailand finance minister: economy to recover next year with 4% growth

  • Economy had bottomed but recovery was not fast as the battered tourism sector hurt supply chains
  • Budget for the next fiscal year will still focus on boosting domestic activity

BANGKOK: Thailand’s economy is expected to grow 4 percent in 2021 after a slump this year and fiscal policy will support a tourism-reliant economy struggling from the impacts of the coronavirus pandemic, the finance minister said on Monday.
Southeast Asia’s second-largest economy shrank a less than expected 6.4 percent in the third quarter from a year earlier after falling 12.1 percent in the previous three months.
The economy had bottomed but recovery was not fast as the battered tourism sector, which accounts for about 12 percent of gross domestic product (GDP), has also hurt supply chains, Finance minister Arkhom Termpittayapaisith said.
“Without the COVID, our economy could have expanded 3 percent this year, he said. “As we expect a 6 percent contraction this year, there is the output gap of 9 percent,” he told a business forum.
“Next year, we expect 4 percent growth, which is still not 100 percent yet,” Arkhom said, adding it could take until 2022 to return to pre-pandemic levels.
There is still fiscal policy room to help growth from this year’s fiscal budget and some from rehabilitation spending, he said.
The budget for the next fiscal year will still focus on boosting domestic activity, Arkhom said, and the current public debt of 49 percent of GDP was manageable.
Of the government’s 1 trillion baht ($33 billion) borrowing plan, 400 billion would be for economic revival, of which about 120 billion-130 billion has been approved, Arkhom said.
He wants the Bank of Thailand to take more action short term on the baht, which continued to rise on Monday, despite central bank measures announced on Friday to rein in the currency strength.
“They have done that and they have their measures... which should be introduced gradually and more intensely,” Arkhom said.