Oman’s 2009 growth to hold steady at 2.5% - StanChart

MONEY MATTERS: Oman banks' lending grew at its slowest pace in almost four years in the first quarter at 2.1%. (Getty Images)

Oman’s economic growth is expected to remain steady at 2.5 percent in 2009, according to a latest report.

Standard Chartered Bank said in a statement it sees this as an opportune time to articulate its product capability and expand its geographical reach in Oman, as the country forges ahead with its diversification strategy into tourism, infrastructure and education against the backdrop of the falling price of oil, gas and other commodities, the bank sees.

According to the Times of Oman daily, Ravneet Chowdhury, Country Chief Executive Officer for Oman at Standard Chartered Bank said, “While we witness the global economic slowdown in the US and Europe, we remain confident in the long-term development of economies like Oman, driven by sound government policies and wise, sustainable investments.”

“The resilience of the Oman market, amidst the current global economic crisis, has left encouraging signs for growth within the Sultanate’s banking sector.”

Earlier this year, it was revealed that Oman banks' lending grew at its slowest pace in almost four years in the first quarter at 2.1 percent. This was a result of banks extending fewer loans to the government and public companies, central bank data showed last Sunday.

Also read: Lending growth slowest in 4 years for Omani banks

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