Oman diversifies economy as oil revenues shrink oman. The wdi contains over 900 indicators per country and covers topics including bop, business, demographics, external debt, education, tourism, tax, etc. Access the latest politics analysis and economic growth summary through 2011 for oman from the economist intelligence unit. Displaying 110 of 523 articles move back one go to last the eiu. Islamic finance in oman an industry roadmap industry leaders provide insight on what omans islamic finance landscape will look like in five years and what market players and regulators will need to do to get there. Doing business 2016 is the th edition in a series of annual. Firstly, to measure the impact of the oil sector on oman s economy during the period 19802012 and secondly, to forecast the future of oman s economy under the influence of the oil sector. Pages in category economy of oman the following 10 pages are in this category, out of 10 total. Completion of the investment map of sultanate of oman. The purpose of this graph is to take a snapshot of a countrys economy in comparison to other economies. Omans economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects oman s real gdp growth is 1. Similarly, the fiscal account deficit is estimated to have narrowed. Net migration for oman from the world bank for the world development indicators wdi release.
Diversification into these industries has reduced the omani economys oil dependency but did not fully liberate it. Benjamin yoel examines the means by which oman attempts to deal with significant economic challenges. Despite the various challenges within the region and in the country, omans economy is set on the right path of sustainable growth, development, diversification and progress. The authorities are strengthening containment measures against the coronavirus but these will hit the economy. Omani oil reserves provide the backbone for economic development, but oman is not as rich in hydrocarbons as its gcc neighbours. Economic indicators for oman including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for oman economy. Add to cart september 2016 issue digital access mothers day sale. However, the economy is dominated by oil production, and the fall in international oil prices is putting pressure on gdp expansion as well as the sultanates fiscal and current account balances. Oman s current gdp per capita has expanded continuously in the past fifty years. Oman economic outlook spring 2018 english the world bank.
Oman diversifies economy as oil revenues shrink oman 2016. Future proofing of tourism entrepreneurship in oman. Infrastructure projects throughout the country are planned by the government. Oman gross domestic product gdp growth rate 20092021. Today, protracted low oil prices are weighing on oman s economy, as deficits remain large and real gdp growth has slowed to an estimated 2. Therefore, the main aim of this study is two folded.
Omans current gdp per capita has expanded continuously in the past fifty years. Omans economic diversification cum trade structure. Work was commenced for implementation of the plan by promulgation of royal decree 20161. Oman is expected to start a number of large infrastructure projects, including the building of roads, trade and industrial centers, hospitals, and airports. However, the drop in global oil prices has put significant pressure on omans gdp expansion. World bank national accounts data, and oecd national accounts data files. Omani journal of applied sciences college of applied sciences. This page provides forecast and historical data, charts, statistics, news and updates for oman net migration. Oman country report bti 2018 bertelsmann transformation index. Omans economic diversification from oil and omanization policies.
This report provides an analysis of the oman economy from historical, current, and future perspectives. Oman economy gdp, inflation, cpi and interest rate. Oman faces unnerving future with economy and rulers. Dec 07, 2019 oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. International journal of energy economics and policy, 2016, 61, 120127. Significant fiscal consolidation efforts have led to fiscal savings, but the deficit remains high.
Oman faces unnerving future with economy and rulers health. Oman global economic prospects examines trends for the world economy and how they affect developing countries. Economic diversification plan tanfeedh starts in oman. Modeling the impact of the oil sector on the economy of. The economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them. In 2018, a boost in the hydrocarbon sector is expected to drive the recovery as the khazzan gas production expands. Economic growth is set to modestly recover over the medium term with gdp expected to increase by 2. Oman was ranked 62nd out of 7 countries covered by the global competitiveness index 20172018, four places higher than in 20162017h, with notable improvements in its macroeconomic environment and higher education and training. Pdf the tourism sector has been targeted by the oman government as one of the industries to be included in the. This page has economic forecasts for oman including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the oman economy. To allow for useful comparison, the profile also provides data for other selected economies comparator economies for each indicator. To address this, and indeed to pave the way for a nonoil future, various diversification strategies have been put in place that aim to reduce the countys reliance on.
The statistic shows the growth in real gdp in oman from 2009 to 2024. The forum will discuss omaniasian economic relations, and omans role as a bridge between these countries and the. Work was commenced for implementation of the plan by promulgation of royal decree 2016 1. Sultan qaboos and the omani economy global risk insights. Youth bulge phenomenon 15 figure 4 comparing public expenditures with public revenues of state during 20152000. How will recent developments shape the omani islamic capital market. Real gdp growth in 2017 remained broadly flat due to omans participation in the opec oil production cuts and fiscal austerity. Slower economic growth estimated in 2016 is a reflection of lower oil sector investment coupled with the knockon effects of lower public spending. The current account deficit has narrowed but remains large. The high growth in 2016 was driven by record levels of oil production and a significant drop in real net taxes in terms of gdp at production factor prices, the country achieved only 1. The economy is under pressure in the first half of this year. Population projections according to the different scenarios 20402015 14 figure 3 oman. Oman the human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. Oman was ranked 62nd out of 7 countries covered by the global competitiveness index 20172018, four places higher than in 2016 2017h, with notable improvements in its macroeconomic environment and higher education and training.
Lucintel, a leading global management consulting and market research firm, has analyzed the political, economic, social, technological, legal, and environmental factors of oman, and has come up with a comprehensive research report pestle analysis of oman 2016. Analysis of omans 2019 budget total projected spending will amount to 12. Imf executive board concludes 2018 article iv consultation. Containment measures introduced to slow the spread of coronavirusaincluding travel restrictions, the closing of schools and universities, and the shutting of most businessesahave been hammering activity. In a region torn by war and civil strife, it is sometimes difficult to look at those political and economic actors who have created dramatic change in a positive way for their citizens in the middle east. Improvement of the investment climate and overcoming the obstacles facing to doing business, so as to. The world bank development indicators is the premium annual statistics of the world bank which compiles data on development. O n eof th bcm ark su i l development and increased private investment is increased investment in infrastructure. Oman economic outlook spring 2018 english abstract. Table 1 oman macro outlook indicators annual percent change unless indicated otherwise 20. Oman moves closer to a postoil economy news al jazeera. According to the latest official figures, omans real gross domestic product gdp shrunk by 0. Table 1 oman macro outlook indicators annual percent change unless indicated otherwise 20 2014 2015 f 2016 f 2017 f 2018 f.
Today, protracted low oil prices are weighing on omans economy, as deficits remain large and real gdp growth has slowed to an estimated 2. In 2018, omans real gross domestic product increased by around 1. The statistic shows gross domestic product gdp in oman from 1984 to 2018, with projections up until 2021. Oman economy is dominated by industrial sector which contributed approximately 54. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Tourism is a growing sector of the economy and is expected to grow 7. Launching the 9th plan that achieves the shift to a diverse economy. This economy profile for doing business 2016 presents the 11 doing business indicators for oman. It grew 339% in the 1960s reaching a peak growth of 1,370% in the 1970s scaling back to modest % growth in the 1980s and rising again to 34% in the 1990s. Data and research on economic outlooks, analysis and forecasts, including economic projections, economic outlooks, economic surveys, oecd forecasts during and after the financial crisis. Pdf the journey of oman with economic diversification. For example, omans exports rank is higher than please wait. The omani economy has gradually been witnessing a structural transformation. Over 15 years of exemplary journalism has made oer the first choice for news, views and analysis for ministers, members of the diplomatic corps and industry leaders.
Percentile ranks are calculated using the latest available data for all countries within the last 5 years. Diversification of oman economy for sustainable development. As of january 2018, oman has sufficient foreign assets to support its currencys fixed exchange rates. Oman is planning to boost mining and quarrying in order to contribute more than 2% of gdp by 2020 with an estimated yearly growth of 10.
Oman economy, politics and gdp growth summary the economist. Oman is a highincome country that has seen strong growth in economic output and exports in recent years. Omans economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects omans real gdp growth is 1. Oman gdp the economy is under pressure in the first half of this year. Save 33 % add to cart 12 issues starting from april may 2020 digital access. In 20 the sultan appointed his cousin, haitham bin. The government is currently passing major fiscal reforms to help the economy adapt to the new situation of low oil prices and maintain the sustainability of public.
The imf is slightly more optimistic, predicting it will grow by 1. As of january 2018, oman has sufficient foreign assets. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education. New oil recovery techniques and greater efficiency. Oman air has ever been keen to provide travellers with useful information relating to lifestyle, healthcare, entertainment, travel and tourism, all packed in our inflight magazine wings of oman. Moreover a continued slowdown in china, omans main trading partner, would add to downside risks.