Oman 9th fiveyear development plan and the strategic economic sectors 2016 2020 presented by he talal al rahbi, deputy secretary general of the supreme council of planning in the sultanate of oman berlin, march 29,2017. The sultanate of oman maps occupies the southeastern tip of the arabian peninsula 300,000 sq. Oman free trade agreement fta was intended to facilitate oman s access to the. Sustainable management of the fisheries sector in oman. Access the latest politics analysis and economic growth summary through 2011 for oman from the economist intelligence unit. Similar to other gcc member states, arabic is the official language of oman, although english is widely spoken and understood. 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. Omans economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects omans real gdp growth is 1. Aug 07, 2018 the development of duqm port and special economic zone sez is at the forefront of omans efforts to transition to a postoil economy. In 2020 we expect the economy to contract and large widening of the currentaccount and budget deficits.
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. Pdf this volume addresses the historical structures and current dynamics of omans regionalization processes and their political, economic and social. Defense dominated public expenditures from 19671970, and little was spent on development until mid1970. Learn more about the oman economy, including the population of oman, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom published. Oman s economy and workforce has always been somewhat more diversified than some of the other gcc states, but oman has only modest resources and has sought to attract foreign investment, including to fund the major development of al duqm port. His majesty sultan qaboos bin said development is not a goal in itself.
Diversification of oman economy for sustainable development cbfs. However, plans to accelerate economic diversification will be constrained by the impact of the coronavirus, sharply lower oil prices and global volatility. Design of a distinct economic diversification strategy in oman, economic diversification is considered as one of the main objectives for the achievement of the vision for oman s economy, and is formulated as part of the various economic development plans. Oman 2020 aims at carrying out a substantial transformation in the structure of the national economy by developing a multiplicity of income sources. Oman moves closer to a postoil economy news al jazeera. Oman airports receives, lauds sportspersons this selftaught omani artist is taking the internet by storm nadira al harthy feted by pakistans ambassador to oman. The sultanate of oman the enabling environment for. Capital markets are institutions that actively play a role in the development of an economy. Omans income tax law requires taxpayers to keep registers, books of accounts. We are surely trust you are one of the important sources in the process of developing and improving the statistical and informational work in oman. Moreover, lending growth to the private sector halved compared to the previous year, likely hampering private consumption and fixed investment. Pdf an analytical study on foreign direct investment. Oman is committed to economic diversification, to move away from an oilbased economy.
Oman was once described as a place in the sun for shady people and this is a prominent, if not. Pdf economic growth and tourism in the post oil omani economy. Omans key sectors are helping shape the sultanate and drive the economy. According to the latest official figures, omans real gross domestic product gdp shrunk by 0. The truelife drama and intrigue of an arab state by john beasant 224pp, mainstream. The economy consists of all of the activities involved in the production and distribution of these goods and services. The challenges facing oman s economy have been discussed and diagnosed.
Economics, as the study of the economy, seeks to address three basic questions. This focus creates an obligation to shift from a commoditybased economy namely oil and its derivatives to an economy focusing on growth in other sectors to propel economic development. A detailed book shall be issued regarding the national programme. Strategic information and program 2020 world economic and development strategy handbook library updated edition. Are there fundamental principles that help us understand how the economy works. Oman, country occupying the southeastern coast of the arabian peninsula at the confluence of the persian gulf and arabian sea. Economic activity is mainly measured by transactions. This report examines the uae and some of the worlds economic giants such as the united states, the uk, the european union, china, japan and other asian countries which are experienced in terms of readiness in managing risks and global economic shifts in the future. Oman has transformed access to education over the past 40 years, and is now expanding postschool education and training. There is a need to improve economic management of the fisheries sector and create viable and sustainable employment opportunities. Oman free trade agreement fta was intended to facilitate omans access to the large u. 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.
Sultanate otc oman sustainable growth and economic diversification. 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. New oil recovery techniques and greater efficiency. Today, oil fuels the economy and revenues from petroleum products have enabled oman s dramatic development over the past 30 years. When it comes to books on oman, this is the only oman guide book you need. Before oil exports commenced in 1967, omans economy, mainly of subsistence agriculture and fisheries, virtually stagnated. As of january 2018, oman has sufficient foreign assets to support its currencys fixed exchange rates. No claims are made regarding the accuracy of oman economy 2020 information contained here. Oman diversifies economy as oil revenues shrink oman 2016. 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. Oman s basic statute of the state expresses in article 11 that the national economy is based on justice and the principles of a free economy. The challenges facing omans economy have been discussed and diagnosed. Before oil exports commenced in 1967, oman s economy, mainly of subsistence agriculture and fisheries, virtually stagnated. 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.
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. Oman travel guide grapeshisha travel guides book 3. Oman 9th fiveyear development plan and the strategic. A downturn in oil revenue on the back of production cuts by the organisation of the petroleum exporting countries contributed to a difficult year for oman in 2019, as the government continued with efforts to balance the budget and diversify the economy. Ambitious plan to diversify the countrys revenue streams focuses on sectors such as manufacturing and tourism.
Locals do appreciate the exchange of salutations in arabic, but are very. Using english to get around or conduct business in the capital, muscat, or other hubs such as sohar or salalah, is relatively easy. Tourism offers an enormous opportunity for achieving this major objective. Video webinars start a business subscribe books my account. Department of public sultan qaboos university career fair.
Oman economy, politics and gdp growth summary the economist. Oman intended to achieve the objective through providing. The government of oman invited the world bank to collaborate with the ministry of education to undertake a study of the school education sector to analyze the strengths and weaknesses of. Rather, it exists for building man, who is its means and maker. Strategic information and program 2020 world economic and development strategy handbook library 9781438736846. Sultan qaboos bin said al said, 78, has ruled oman since 1970. Oman is an oilbased economy and to encourage the process of omanization in oil and gas industry, oman society for petroleum services opal was created in october 2001 by a ministerial decree. The malaysian economic transformation management model, the singaporean example of achieving prosperity through combining free trade and businessfriendly policies with its role as a transshipment and logistics hub, and an initial infusion of substantial.
Therefore, development must not stop at the achievement of material wealth and a diversi. A significant portion of its economy involves tourism and trading fish, dates and other agricultural produce. Opal adopted a mindset change strategy in their second hrd workshop which was attended by 60 hr professionals in march 2006. The price at which omans oil output could be sold rose. Over dependence and emphasis on oil has somehow crippled the.
Oman is diversifying its economy away from oil and gas, and there has been strong growth in tourism, it and the knowledgebased economy in recent years. Oman is a highincome country that has seen strong growth in economic output and exports in recent years. However, there are still persistent issues concerning the quality of student achievement that need to be addressed. Oman global economic prospects examines trends for the world economy and how they affect developing countries. Oman 2020, with its main dimensions promulgated at the vision conference oman 2020 held in 1995, represent the first step in the sultanate march to build a vision through the second long term strategy 19962020 representing the work strategy of the second. The economy almost certainly slowed last year, as oil production and government spending decreased. In the first category there are books and articles which provide descriptive accounts of omans economic and social development. Subsequently the production and export of petroleum rapidly came to dominate the countrys economy. A detailed book shall be issued regarding the national programme for enhancing. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets.
Oman is categorized as a highincome economy and ranks as the 69th most peaceful country in the world according to the global peace index. This study investigates the impact of capital markets on economic growth in south africa from 197120. In oman, economic diversification is considered as one of the main objectives for the achievement of the vision for oman s economy, and is formulated as part of the various economic development plans. Education in oman the drive for quality world bank. Search the worlds most comprehensive index of fulltext books. Oman is a rural, agricultural country, and fishing and overseas trading are important to the coastal populations. Figure 1 fluctuations in oil price main driver of omani economy.
Oil was first discovered in the interior near fahud in the western desert in 1964. Oman and the wider gulf have achieved greater economic development and diversification than any other country in such a short amount of time. Oman economy gdp, inflation, cpi and interest rate. He holds an array of senior government positions, including prime minister, supreme commander of the armed forces, minister of. Oil in commercial quantities was discovered in oman in 1964 and was first exported in 1967. What it does boast, with its rich heritage and embracing society, is a strong sense of identity, a pride in an ancient, frankincensetrading past and confidence in a highly educated future.
Introduction to the sultanate of oman economics essay. The oman travel guide 2015 has been specifically written to provide you with the insider knowledge on oman, allowing you to visit the places that make this place special. Based on this and the potentials and basis available to the sultanate, the approved strategy for economic balance and sustainable growth has been formulated. Inspiring entrepreneurship in oman to achieve economic. Oman has a predominantly young population, with over 70% of people under the age of 30. According to some experts, the need for oil sector most often seen as a depleting sector is a misnomer in. An analytical study on foreign direct investment fdi and its relative impact on indian economy article pdf available march 2017 with,252 reads how we measure reads. Oman is the 58th largest export economy in the world and the 64th most complex economy according to the economic complexity index eci. Inspired by the popular uprisings that swept the middle east and north africa beginning in january 2011, some omanis staged demonstrations, calling for more jobs and economic benefits and an end to corruption. Oman s moderate, independent foreign policy has sought to maintain good relations with its neighbors and to avoid external entanglements. 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. As a starting point, the sultanate engaged the world bank to assist in its effort to overhaul the fisheries sector, and help devise a plan for increasing the contribution that fisheries make to oman s economy.
It is my pleasure to communicate directly with you through this tool to receive suggestions and opinions for development purposes. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. In 20, the sultan appointed his cousin haitham bin tariq as chair of a new committee responsible for expanding the countrys new long. Oman s current gdp per capita has expanded continuously in the past fifty years. Emily frost looks at the economic development of oman. Tourism will bring 5 important socio economic benefits, as described in figure 1 below. Economic developments in oman middle east 2019 budget objectives f i s c a l s us t a i n a b i l i t y fiscal sustainability is the most important objective of the state budget. How well does the economy perform in achieving social. Pdf oil and natural gas has been the major engine of economic growth in oman. This is poignant because oman doesnt boast many firsts or biggests in a region bent on grandstanding. Renowned in ancient times for its frankincense and metalworking, oman occupies a strategically important location, for which it has long been a prize for empire builders. Economic diversification is considered a strategic objective which will lead to economic growth in light of the global economic conditions.
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