Focus Report: How will Oman support private sector development in the post-pandemic period?
22 Nov 2021
Oman’s post-pandemic priorities are focused on developing the private sector, accelerating diversification and reducing the national deficit. 2021 marks the beginning of the 10th five-year plan to raise the contribution of non-oil industries to 90% of GDP by 2040, while also reducing government debt. The Sultanate’s economy is forecast to increase by 2.5% and 6.5% in 2021 and 2022, respectively, and the budget approved in 2021 is a positive first step towards reducing the public debt from 71.3% of GDP in 2021 to 58.5% by 2026. Elsewhere, the government is making efforts to position Oman as an attractive destination for domestic and foreign investors, notably through the approval of implementing rules and regulations for the Privatisation Law, the PPP Law and the Foreign Capital Investment Law.
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