Skip to main content

Oman's Strategic Step: Setting Up EWS to Predict Financial and Economic Crises


 

**Title: Oman's Strategic Step: Setting Up EWS to Predict Financial and Economic Crises**


Oman is embarking on a visionary endeavor in partnership with the Korea Development Institute (KDI) to establish an Early Warning System (EWS) aimed at predicting and preparing for financial and economic crises. The EWS project, a collaboration between Oman's Tawazun program and KDI, holds immense promise in fortifying the country's financial resilience. The proactive measures to be undertaken through this system are expected to mitigate the adverse effects of potential crises on Oman's financial landscape.

The recently introduced Early Warning System (EWS) is a critical stride towards securing Oman's economic stability. Driven by Oman's Tawazun program, which focuses on achieving fiscal balance amid oil price fluctuations, and bolstered by the expertise of KDI, the EWS aims to evaluate risks and uncertainties. By assessing key indicators such as debt levels, inflation rates, stock market volatility, and more, the system will generate timely signals that indicate the likelihood of a financial crisis within a specific timeframe. This valuable insight will empower the Omani government to take timely and effective actions, minimizing the impact on the financial system.

READ MORE: Oman To Set Up An EWS To Predict Financial, Economic Crises

A pivotal moment in the EWS project was marked by a simulation of the forecasting model during a crucial meeting. Spearheaded by Dr. Woong Seob Zhin, a distinguished figure with a robust background in financial supervision, the model showcased the system's potential to anticipate financial crises. While an EWS cannot eliminate the uncertainty of financial crises, it equips policymakers with invaluable tools to anticipate challenges and devise strategies to mitigate their impact. The EWS initiative resonates with Oman's commitment to prudent economic planning and positions the nation as a proactive player in safeguarding its financial future.

Comments

Post a Comment

Popular posts from this blog

UAE and US issue joint statement on cooperation on artificial intelligence

  UAE President Sheikh Mohamed bin Zayed and US President Joe Biden met on Monday in the US during an official visit by the Emirati leader. This visit marks the fourth bilateral meeting between the two leaders during the Biden-Harris administration. During their discussions, Mohamed bin Zayed and Biden reaffirmed the strong UAE-US strategic and defense partnership, explored ways to enhance cooperation in advanced technology and investments, and addressed global and regional issues. Both leaders committed to pursuing further opportunities to strengthen their partnership, promote peace and stability in the Middle East and beyond, and provide global leadership on key shared issues. The UAE-US relationship, spanning five decades, is built on a solid foundation. Building on the vision of Mohamed bin Zayed and Biden to advance safe artificial intelligence, UAE national security advisor Sheikh Tahnoon bin Zayed and US national security advisor Jake Sullivan reaffirmed their countries' coo
Post a Comment
Read more

Sheikh Khaled bin Mohamed’s official trip to India holds great importance for UAE-India bilateral relations

  His Highness Sheikh Khaled bin Mohamed is making his first official visit to India , accompanied by several UAE ministers and a business delegation. The visit marks a significant step in strengthening UAE-India bilateral relations. Upon his arrival on September 8, Sheikh Khaled was welcomed by India's Commerce and Industry Minister Piyush Goyal. His visit includes a comprehensive agenda, with discussions between Sheikh Khaled and Indian Prime Minister Narendra Modi focusing on key areas of bilateral cooperation. Additionally, Sheikh Khaled is scheduled to meet with Indian President Droupadi Murmu. The ongoing Israel-Hamas conflict may also be part of the dialogue, as reported by NDTV. On the second day, Sheikh Khaled is expected to participate in a business forum in Mumbai, attended by business leaders from both nations, further underscoring the growing trade and investment ties between the UAE and India. The UAE and India have a long-standing relationship, established in 1972, w
Post a Comment
Read more

The UAE facilitated the largest prisoner exchange in history between Russia and Ukraine

 Ukraine and Russia have announced their first exchange of prisoners of war in nearly five months, with over 200 freed by each side after a complex negotiation involving mediation by the United Arab Emirates. Russia's Defence Ministry reported that 248 military personnel had been handed over by Ukraine, while Kyiv brought home 230 people, including 224 soldiers and six civilians, in the largest documented swap of troops so far. The UAE's foreign ministry acknowledged its role in the swap, stating that it was made possible by its "strong friendly relations" with both Moscow and Kyiv. A video released by Ukrainian authorities showed returning prisoners in their blue and yellow flags filing off a bus, singing the national anthem, and shouting the patriotic greeting "Glory to Ukraine." Most of the prisoners appeared to be in good health, with one returnee shouting "We are home! You didn't forget us!" The Russian Ministry of Defence also released a
Post a Comment
Read more