Oman: Reform Priorities to Create an Economy for the Future

Oman has recently emerged from years of macroeconomic vulnerability with stronger economic fundamentals. Despite oil production cuts from OPEC+ countries, economic growth has been robust, driven by the recovery of nonhydrocarbon sectors. Inflation has remained contained. Fiscal and external balances have been in comfortable surpluses since 2022, and public debt has been reduced markedly. Notwithstanding these positive developments, more is needed for Oman to further reduce its dependence on hydrocarbon revenue and promote strong, inclusive, and private sector-driven nonhydrocarbon growth.   

Is Oman making progress on the ambitious structural reform agenda under Oman Vision 2040 and its economic growth goals? Is the nonhydrocarbon private sector on track to become the main pillar of economic activity, and will it create enough jobs? Are fiscal and external accounts on solid ground to weather an oil price slump akin to 2014-15? What are the reform priorities ahead to solidify recent gains? 

Based on the International Monetary Fund’s recently published 2023 Article IV staff report, this event will focus on the forces that have shaped Oman’s economy in recent years and the current policy priorities to reduce Oman’s reliance on hydrocarbons and bolster its prospects for sustained nonhydrocarbon growth going forward. 

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Director of Khalij Economics; GlobalSource Partners GCC Country Analyst

Mission Chief for Oman, International Monetary Fund