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Oman’s economic recovery is gaining traction, supported by a revival of the hydrocarbon sector and the relaxation of Covid-19 restrictions. The Gulf country’s fiscal reforms and higher oil prices are expected to boost economic growth and generate a budget surplus in the medium term stated the IMF.
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Oman’s economy remains primarily reliant on revenue from hydrocarbons despite plans to diversify into sectors such as tourism, logistics, and renewables. The government has also undertaken structural reforms as part of an economic development plan. Still, progress on job creation has remained slow and there has been limited success in attracting foreign investment from beyond the immediate region.
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Gross domestic product growth rebounded to 3% last year, following a 3.2% contraction in 2020, helped by strong vaccination efforts and the relaxation of Covid-19 restrictions. At the same time, the economy is set to expand by 4.3% in 2022.