Like other GCC states, Oman’s economy is largely driven by oil and gas activity. However, with fewer and more complex hydrocarbons reserves than its neighbours, it is under greater pressure to diversify its economic base. The scale of this challenge was highlighted by recent falling oil prices, which resulted in lower revenues from the...
How can the government maintain a prudent fiscal policy while supporting local businesses?
The question of how to shift the economy to be more focused on the private sector is a central government concern. In early 2018 the Ministry of Finance published its annual statement on Oman’s general budget for 2018, setting out the strategic objectives that public spending is driving towards. Among the many budgetary goals referred to in...
How have recent sovereign downgrades affected the economy, particularly in terms of the cost of funds on international markets?
Decades of growth in trade and foreign investment have seen economies around the world become more interconnected than ever before. The production of goods and, increasingly, the provision of services have become fractured across borders as corporations create and integrate into regional and global value chains. These trends have been...
The issue of Omanisation – which refers to the initiative to increase the percentage of nationals in Oman’s workforce – has a considerable pedigree. The concept was first introduced in 1988 as a means to reduce the nation’s reliance on expatriates in key areas of economic activity, such as the oil and gas sector. Over time, most private sector...
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