MUSCAT, 14 January 2019
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to banking excellence, hosted an event to highlight global economic outlook for 2019.
Organised by the bank’s Wholesale Banking & Strategic Growth division, the high profile session held at the bank’s head office was addressed by Michala Marcussen, Chief Economist of Societe Generale. In a presentation titled: ‘Global Macroeconomic Outlook for 2019: Navigating Debt and Uncertainty, Michala covered current topics affecting the global and regional economies with a focus on interest rates and the energy sector. The event was attended by prominent government and corporate clients.
Commenting on recessionary trends, Michala, a renowned economist and frequent commentator on Bloomberg & CNBC said: “The market concern can be summarised as the fear that central banks have insufficient ammunition to deal with a new significant slowdown in a world of still high debt and political uncertainty. Indeed, entering 2019, global trade is weighed down by on-going tariffs and tensions. This uncertainty, combined with a strong dollar and weaker commodity prices is, moreover, a concern for emerging markets."
Abdullah Al Hinai, Chief Wholesale Banking and Strategic Growth Officer, said: “Bank Muscat is proud to host Michala Marcussen as part of efforts aimed at equipping partner clients with insights into key economic trends in global markets. The economic future for our country depends on efforts made by us to benefit from opportunities available to us. The world economy has opened new avenues for cooperation between different countries and economic blocs, besides creating strategic roles for emerging economies as evident from the rapid increase in volume of foreign and transcontinental investments. Bank Muscat is proud to facilitate this event to learn more about compelling opportunities as well as outlook for economic growth around the world.”
Abdullah Al Hinai added: “The initiative to present the economic outlook for 2019 came in line with the bank's constant efforts to maintain its leadership role in Oman. The platform provided yet another opportunity for the bank to highlight its capabilities beneficial for partner clients. Such interactions with renowned experts help in enhancing knowledge on the latest trends in how international business is conducted and utilise that understanding to our advantage in developing business.”