Oman Economy

About Oman

Oman is a 1,000-mile-long (1,700 km) coastal plain at the southeast tip of the Arabian Peninsula lying on the Arabian Sea and the Gulf of Oman. It is bordered by the United Arab Emirates, Saudi Arabia, and Yemen. The country is the size of Kansas.

Oman is an absolute monarchy. The Sultan Qaboos bin Said al Said has been the hereditary leader of the country since 1970. Sultan Qaboos is the longest-serving current ruler in the Middle East, and sixth-longest current-reigning monarch in the world.

 

 

Oman Economy 

Oman’s small, open economy is driven mainly by energy. Tax rates are competitively low, and foreign investment is generally welcome. Recognizing the need for a more broad-based and vibrant private sector, Oman has undertaken regulatory reforms and modernization of its economy.

 

ECONOMIC FREEDOM SNAPSHOT
🔹 2016 Economic Freedom Score: 67.1 
🔹 Economic Freedom Status: Moderately Free
🔹 Global Ranking: 52nd
🔹 Regional Ranking: 6th in the Middle East/North Africa Region
🔹 Notable Successes: Fiscal Freedom and Trade Freedom
🔹 Concerns: Rule of Law and Regulatory Efficiency

Oman’s transition to a more flexible economy has been uneven. Excessive state involvement in the private sector constrains economic dynamism. Overreliance on the state-owned oil sector leaves the economy vulnerable to external shocks. The rule of law has been relatively well maintained, but the judiciary remains vulnerable to political interference.

 

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