While still largely dependent on oil and gas revenue, a strong commitment to diversification – beginning in earnest in 2014 – has seen Oman’s non-oil sector record an average real GDP growth rate of 7% since the turn of the century. The country’s strategic position near established global trade routes and a history of political neutrality is opening up opportunities for Oman in transport, trade, tourism and manufacturing. Developments around Duqm – situated outside of the Strait of Hormuz – constitute a major pillar of Vision 2040 and the National Programme for Enhancing Economic Diversification, and are expected to generate logistical, warehousing, distribution and re-export opportunities. The fact that Oman has recorded growth during a period of lower hydrocarbons receipts and against a backdrop of weaker regional and global trade is testament to robust economic planning. In addition to real GDP growth of 1.8% in 2018, the fiscal deficit narrowed to 9% of GDP. Furthermore, the private sector is playing a larger role than ever in the economy, and around 27,000 Omanis secured private sector jobs in the first five months of 2019.
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×