Ever since the dawn of the new millennium, Oman has manifested great strength in its growth trajectory, focusing on the welfare of its nationals. The result? Omanis today savor a very high per capita income. In the process, Oman’s economy became heavily dependent on oil production. The petroleum sector accounts for around 87 percent of budget revenues, 51 percent of GDP, and 60 percent of total exports. But it’s no secret that the oil reserves have been shrinking in recent years, forcing the government into economic diversification based on the development of tourism and gas-based industries.

Nevertheless, as the pandemic is almost in the rearview mirror, the country is well on its tracks to recover the impacts of the Covid-19 pandemic and the collapse in oil prices last year. After the 2.8 percent contraction in 2020, Oman’s economy is expected to grow by 4.7 percent in 2022, as per Arab Economic Outlook Report by the Arab Monetary Fund (AMF).

Going forward, government spending is also expected to increase with a plan to boost the economy in a diversified manner. It’s commendable the way the sultanate has adopted various fiscal measures over the past year to support the economy during the pandemic. This ranges from interest-free emergency loans to tax and fee reductions and waivers, the flexibility to pay taxes in installments, and a Job Security Fund to support citizens who lost their jobs. This issue is about a bunch of Indian entrepreneurs who have been instrumental in driving Oman’s economy over the past few years. Do let us know your thoughts.