Report: To what extent has the Covid-19 pandemic accelerated economic diversification in Oman?
30 Jul 2021
Oman was already working to diversify its economy, but the pandemic-induced disruption to oil and gas has further underscored the importance of developing a broader economic base to absorb the impacts of international crises and downturns in commodity cycles. To this end, policy initiatives and targets have been put forth to spur private sector development and nurture new growth engines.
The Medium-Term Fiscal Plan 2020-24 seeks to stabilise public finances and generate new sources of government revenue through bold taxation policies and the stimulation of private sector activity. Wide-ranging reforms to the legal framework should help attract increased flows of foreign direct investment in strategic industries and generate new private sector employment opportunities for the young workforce – easing the burden on the public sector payroll in the process. At the same time, disruption has forced business leaders to adopt or expedite digital transformation strategies to strengthen their competitiveness, which could ultimately see some firms emerge from the pandemic in a stronger position to capitalise on new opportunities.
This report was produced in partnership with Al Anwar Investments, Al Tamimi & Company, Asha Enterprises, Dhofar Insurance, Energoprojekt Entel, Oman Data Park and OMINVEST.
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