The Report: Oman 2020

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.