Oman economy 2016 pdf

Diversification of oman economy for sustainable development cbfs. As of january 2018, oman has sufficient foreign assets. Oman economy, politics and gdp growth summary the economist. Capital economics thinks the economy will expand by an average of just 1% in 2016 and 2017. Jul 06, 2018 on june 20, 2018, the executive board of the international monetary fund imf concluded the article iv consultation with oman. Low oil prices mean oman faces rising unemployment and slashed public spending. The current account deficit is estimated to slightly improve to 15.

Economic growth is set to modestly recover over the medium term with gdp expected to increase by 2. The world bank development indicators is the premium annual statistics of the world bank which compiles data on development. The government is currently passing major fiscal reforms to help the economy adapt to the new situation of low oil prices and maintain the sustainability of public. Continuing low oil prices cause crisis in oman business. We read every letter, fax, or email we receive, and we will convey your comments to cia officials outside opa as appropriate. However, fiscal and monetary policy measures should help mitigate the headwinds. Oman to slash subsidies as low oil prices squeeze budget. Omans government plans to cut subsidy spending by almost two thirds this year to help tackle a budget deficit caused by low oil prices, the finance ministry said on saturday. The average value for oman during that period was 4.

Oman s current gdp per capita has expanded continuously in the past fifty years. Oman faces unnerving future with economy and rulers. The development of duqm port and special economic zone sez is at the forefront of omans efforts to transition to a postoil economy. Sultan qaboos and the omani economy global risk insights. Oman unemployment the economy remains under pressure in the second quarter. In 2018, a boost in the hydrocarbon sector is expected to drive the recovery as the khazzan gas production expands. For comparison, the world average in 2019 based on 181 countries is 7. Bank alternatively implemented a gradual oman recent developments.

However, the growth in menap would start kicking in shortly with economic cycle rebounding due to. Oman s estimated production of dates in 2016 is 350,000 tons, making it the 9th largest producer of dates. Over 15 years of exemplary journalism has made oer the first choice for news, views and analysis for ministers, members of the diplomatic corps and industry leaders. Oman economy gdp, inflation, cpi and interest rate. Oman has been an island of stability in the region.

The bottomed out rate at the beginning of the plan in january 2016 reached about %70 compared to the prices prevailing before the mid of 2014. Omans economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects oman s real gdp growth is 1. It grew 339% in the 1960s reaching a peak growth of 1,370% in the 1970s scaling back to modest % growth in the 1980s and rising again to 34% in the 1990s. Oman diversifies economy as oil revenues shrink oman. Analysis of omans 2019 budget analysis of omans 2019 budget on tuesday 1 january, oman revealed its 2019 budget. For exports, fdi and gdp measures, a higher rank closer to 100% indicates a stronger economy. Dec 12, 2016 we are going to investigate the importance of economic development in a regional scale and using oman economic diversification efforts as case study by looking at the impact of oil industry on the. Article pdf available december 2016 with 2,369 reads. Enjoy festive japan 2020 spirit with not to be missed deals.

Bti 2016 oman 6 no interferenthough islam is the state religion and shariah law forms the basis for legislation, the regime has been tolerant of all sectarian groups. The high growth in 2016 was driven by record levels of oil production and a significant drop in real net taxes in terms of gdp at production factor prices, the country achieved only 1. The malaysian economic transformation management model, the singaporean example of achieving prosperity through combining free trade and businessfriendly policies with its role as a transshipment and logistics hub, and an initial infusion of substantial. The current account deficit has narrowed but remains large. The focus sectors include tourism, manufacturing, and logistics, and the aims of the program are to improve the investment climate in oman, and the ease of doing business, in order to attract local and foreign investment into the country. Completion of the investment map of sultanate of oman. Oman intended to achieve the objective through providing.

Oman economic outlook spring 2018 english the world bank. Lucintel, a leading global management consulting and market research firm, has analyzed the political, economic, social, technological, legal, and environmental factors of oman, and has come up with a comprehensive research report pestle analysis of oman 2016. The vast majority of date production 75 percent comes from only 10 cultivars. Also useful is to know how it ranks relative to comparator economies and relative to the. Access the latest politics analysis and economic growth summary through 2011 for oman from the economist intelligence unit. While visualising this calendar please take into account that some countries often publish their data in different dates than what was previously announced because of data gathering delays or other issues. Emily frost looks at the economic development of oman. Aug 07, 2018 the development of duqm port and special economic zone sez is at the forefront of omans efforts to transition to a postoil economy. Oman is a highincome country that has seen strong growth in economic output and exports in recent years. Gcc states, but oman has only modest resources and has sought to attract foreign investment, including to fund the major development of al duqm port. For policy makers, knowing where their economy stands in the aggregate ranking on the ease of doing business is useful. Oman gdp 19602019 data 20202022 forecast historical. Oman is planning to boost mining and quarrying in order to contribute more than 2% of gdp by 2020 with an estimated yearly growth of 10. Improvement of the investment climate and overcoming the obstacles facing to doing business, so as to.

Similarly, the fiscal account deficit is estimated to have narrowed. Aug 10, 2016 capital economics thinks the economy will expand by an average of just 1% in 2016 and 2017. Oman, on the occasion of the conference on omans economyvision 2020 june 1995. Reflecting the lower oil price environment, oman has posted doubledigit fiscal and current account deficits over the past few years, leading to large increases in government and external debt and a decline in external buffers. Al kalbani group announces opening of royal tulip muscat hotel. In a region torn by war and civil strife, it is sometimes difficult to look at those political and economic actors who have created dramatic change in a positive way for their citizens in the middle east. Oman economic calendar this page includes a list of calendar events for oman. Work was commenced for implementation of the plan by promulgation of royal decree 2016 1. However, the drop in global oil prices has put significant pressure on omans gdp expansion. Learn more about the oman economy, including the population of oman, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom published. Economic diversification plan tanfeedh starts in oman.

Omans current gdp per capita has expanded continuously in the past fifty years. These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. Pdf the journey of oman with economic diversification. Copublished by the world economic forum and the global alliance for trade facilitation, the report features the enabling trade index, which evaluates 6 economies based on their capacity to facilitate the flow of goods over borders and to their destination. Compounded by participating in opec oil production cuts in 2017, protracted low oil prices and fiscal austerity continue to weigh on omans economy. Presented by he talal al rahbi, deputy secretary general of the. On june 20, 2018, the executive board of the international monetary fund imf concluded the article iv consultation with oman. To help reduce the spread of coronavirus cases nationally, the government has implemented containment measures in recent weeks such as travel restrictions, closing all schools and universities, as well as most shops and businesses. Tourism is a growing sector of the economy and is expected to grow 7. In oman, economic diversification is considered as one of the main objectives for the achievement of the vision for oman s economy, and is formulated as part of the various economic development plans.

Oman was ranked 62nd out of 7 countries covered by the global competitiveness index 20172018, four places higher than in 20162017h, with notable improvements in its macroeconomic environment and higher education and training. Oman free trade agreement fta was intended to facilitate omans access to the large u. Today, protracted low oil prices are weighing on oman s economy, as deficits remain large and real gdp growth has slowed to an estimated 2. Bank alternatively implemented a gradual oman recent. In 2017, oman joined most opec nonmembers in participating in oil production cuts, leading to a contraction of the hydrocarbon sector by 2. Oman moves closer to a postoil economy news al jazeera. The religious establish ment is under the states firm control and can hardly express its voice without the prior consent of the ruling elite. Omani economy does not rely solely on one source, which is the oil. Real gdp growth in 2017 remained broadly flat due to omans participation in the opec oil production cuts and fiscal austerity. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Omans long history of political stability coupled with its favorable international trade agreements and special economic zones has ensured strong growth in economic output and exports in recent years. Nonhydrocarbon gdp growth is estimated to continue to slow down to 2. Conversely, for unemployment and inflation, a lower rank closer to 0% indicates a stronger economy. Access the latest politics analysis and economic growth summary through 2011 for oman from the economist intelligence unit oman economy, politics and gdp growth summary the economist intelligence unit.

In spite of a rise in oil prices since the end of november 2016, though, the di. The imf is slightly more optimistic, predicting it will grow by 1. Oman is the 58th largest export economy in the world and the 64th most complex economy according to the economic complexity index eci. For example, omans exports rank is higher than please wait. This page provides oman gdp actual values, historical data, forecast, chart, statistics, economic calendar and news. International journal of energy economics and policy, 2016, 61, 120127. Oman diversifies economy as oil revenues shrink oman 2016. New oil recovery techniques and greater efficiency. Today, protracted low oil prices are weighing on omans economy, as deficits remain large and real gdp growth has slowed to an estimated 2. Modeling the impact of the oil sector on the economy of. The office of public affairs opa is the single point of contact for all inquiries about the central intelligence agency cia.

Omans economic outlook spring 2016 the latest mena economic monitor report spring 2016, expects omans real gdp growth is 1. Economy profile of oman doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company dealing with construction permits procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety. Sultanate of omans economy has seen tremendous growth continuously for the. However, plans to accelerate economic diversification will be constrained by the impact of the coronavirus, sharply lower oil prices and global volatility. The economy remains under pressure in the second quarter. Oman global economic prospects examines trends for the world economy and how they affect developing countries. Oman s 2018 budget continues to focus on economic diversification with a projected 11% increase in other revenues as compared to the 2017 budget. In oman, economic diversification is considered as one of the main objectives for the achievement of the vision for omans economy, and is formulated as part of the various economic development plans. Oman is ranked 6th among 14 countries in the middle east and north africa region, and its overall score is slightly above the regional and world averages. Infrastructure projects throughout the country are planned by the government.

Based on a worldwide survey of global freight forwarders and express carriers, the logistics performance index is a benchmarking tool developed by the world bank that. Oman 9th fiveyear development plan and the strategic economic sectors. In 2017, oman joined most opec nonmembers in partic. In 2020 we expect the economy to contract and large widening of the currentaccount and budget deficits. This report provides an analysis of the oman economy from historical, current, and future perspectives. But the crisis has also increased pressure to diversify the. Oman 9th fiveyear development plan and the strategic economic. In 20, the sultan appointed his cousin haitham bin tariq as chair of a new committee responsible for expanding the countrys new long. Continued reduction in government spending as oil price. For that indicator, the world bank provides data for oman from 1991 to 2019. Hashem pesaran 3 authorized for distribution by paul cashin november 2016 abstract the recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the united states and the global. Business continuing low oil prices cause crisis in oman.

New oil recovery techniques and greater efficiency led to record production levels in 2015, peaking at 0. In this context, royal decree no 20161 for the promulgation of the 9th. According to the latest official figures, omans real gross domestic product gdp shrunk by 0. This page has economic forecasts for oman including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the oman economy. The ongoing gulf sanctions on qatar had raised concerns over the possibility of the disruption of gas supply to oman from. Fiscal and current account deficits remain large, and with oman increasingly resorting to external borrowing to finance its deficits, public debt is rising rapidly. The imf is slightly more optimistic, predicting it will grow by.

Moreover, lending growth to the private sector halved compared to the previous year, likely hampering private consumption and fixed investment. Imf executive board concludes 2018 article iv consultation. O n eof th bcm ark su i l development and increased private investment is increased investment in infrastructure. Launching the 9th plan that achieves the shift to a diverse economy. To address this, and indeed to pave the way for a nonoil future, various diversification strategies have been put in place that aim to reduce the countys reliance on. Growth in oman continues to be held back this year by lower oil production and. As of january 2018, oman has sufficient foreign assets to support its currencys fixed exchange rates. Despite the various challenges within the region and in the country, omans economy is set on the right path of sustainable growth, development, diversification and progress.

As of january 2018, oman has sufficient foreign assets to support its currencys fixed exchange. To address one of chinas most pressing planning problems, chengdu was designated a national pilot region for coordinated urbanrural. Bti 2016 oman country report transformation index bti. Oman economic outlook spring 2018 english abstract. In addition, the budget focuses on fiscal management by curtailing the increase in total expenditures to 7% c ompared to projected revenue increases of 9%. Oman economic growth the economy is expected to suffer this year, owing to the fallout from the coronavirus pandemic and lower oil prices. However, the economy is dominated by oil production, and the fall in international oil prices is putting pressure on gdp expansion as well as the sultanates fiscal and current account balances. Oman gdp the economy almost certainly slowed last year, as oil production and government spending decreased.