Like other GCC states, Oman’s economy is largely driven by oil and gas activity. This is due mainly to the collapse of oil prices on which Oman is still heavily reliant. Oman grappling with economic challenges 02 October 2012 By MEED Editorial. On the other hand, a positive relation with Iran weakens Oman’s relationship with the rest of the Gulf states, especially Saudi Arabia. The combination of oil rents and visionary leadership has enabled Oman to make significant advances in achieving its Millennium Development Goals. Containment measures introduced to slow the spread of coronavirus—including travel restrictions, the closing of schools and universities, and the shutting of most businesses—have been hammering activity. The main risks to the economic outlook arise from a delay in fiscal adjustment, which will impede debt reduction and negatively affect business confidence and external financing costs in an adverse global environment. Report analyses Oman's economic challenges. 18 March 2015 FDI Team . The economy is under pressure in the first half of this year. Oman Economic Outlook.

The economic relations between Iran and Oman are one of the challenges that face the Sultanate in 2017 and beyond. However, the recent economic globalization and technological changes have posed a number of challenges for the depleting resources of the Sultanate of Oman. Subsequently the production and export of petroleum rapidly came to dominate the country’s economy. Haitham bin Tariq has indicated he will maintain the country's independent foreign policy in a troubled Gulf region. Oman’s Economic Features and Challenges.

The non-oil economy is estimated to grow by 1.5%, partly supported by the ongoing diversification through the Tanfeedh program aimed at supporting activities in key sectors, namely logistics, tourism, transport, mining, manufacturing, and fisheries. This year, Oman’s debt-to-GDP ratio is expected to reach 60%, compared to only 17% in 2015. May 12, 2020. Challenges Ahead for the Omani Economy. Yet, due to Oman’s continuing heavy reliance on the hydrocarbons sector, the country remains highly exposed to economic risk. The country needs to implement reforms to diversify government revenues. Economic Reforms Necessary. Sharelines. Growth is projected to slow to 1.2% in 2019 as Oman’s commitment to the December 2018 OPEC+ output cut constrains oil production. September 30, 2018 | 4:50 PM. Following a recovery of 2.2% in 2018, Oman’s real GDP growth is estimated to decelerate to 0.3% in 2019 as oil production remains capped by the OPEC+ production cut agreement. As the Sultanate of Oman seeks to achieve balanced and sustainable growth, the country faces persistent fiscal strains and pressing social challenges.The World Bank projects Oman’s economic growth to rebound over the next few years.

The significance is to study about the tourism and views of studying the tourism from different sections about the perception of tourism from tourist point of view and also to know the gaps in infrastructure and other perspectives of tourism industry.

Oman being inclined to develop tourism and strengthen its economy with further economic development in Oman.

Liquidity management tools for Islamic banking segment in Oman planned . The first one is a soaring public debt. Challenges ahead are huge. Order from Chaos . Oman - Oman - Economy: Oman is a rural, agricultural country, and fishing and overseas trading are important to the coastal populations. by Times News Service . Oman's new sultan faces diplomatic, economic challenges. Print; Email; Omani policymakers will need to implement major economic reforms and diversify the oil-dependent economy, which has suffered as the result of the fall of global oil prices. On the one hand, lack of economic alternatives render Iran important for the Omani economy.

Inflation is estimated to remain subdued at 0.8% in 2019, reflecting weak domestic demand. However, with fewer and more complex hydrocarbons reserves than its neighbours, it is under greater pressure to diversify its economic base. Oil revenues have been instrumental in financing the state-building enterprise in Oman. Oil in commercial quantities was discovered in Oman in 1964 and was first exported in 1967. Oman’s economic freedom score is 63.6, making its economy the 75th freest in the 2020 Index.