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Oman Economic Overview and Future Outlook

Oman Economic Overview and Future Outlook. Background. 1932 – 1970 Said bin Tamur in power 1962 – Oil discovery 1967 – First oil exports 1970 – Palace coup by son, Qaboos Initial Government Focus: Development Economic infrastructure Establish government services.

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Oman Economic Overview and Future Outlook

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  1. OmanEconomic Overview and Future Outlook

  2. Background 1932 – 1970 Said bin Tamur in power 1962 – Oil discovery 1967 – First oil exports 1970 – Palace coup by son, Qaboos Initial Government Focus: Development Economic infrastructure Establish government services
  3. Economic Overview Nominal GDP Real GDP Growth 2004 - 5.4% 2005 - 5.8% 2006 - 7.5% 2007 - 5.8% 2008 - 6.4% 2004 - 24.7 billion 2005 - 30.9 billion 2006 - 35.7 billion 2007 - 37.1 billion 2008 - 46.2 billion
  4. State Income Oil accounts for 70% of government income. No personal income taxes. Low corporate taxes. Heavy dependence on hydrocarbons. Crude oil is about 25% of GDP. Education is 4% of GDP. Trade Unemployment is 15% (2004 estimate) Public Debt is 2.4% of GDP. Inflation Rate is 13.5% (2008 estimate) Economic Overview
  5. Economic Issues Falling Oil Output / Limited Oil Resources Rapidly Growing Population Economy dominated by public sector
  6. Economic Strategy Three themes to address economic issues: Omanization Diversification Privatization
  7. Natural Gas Industries Discovery of large gas deposits. Gas used for electricity generation and water desalinization. Focus on export of LNG. Development of gas-based industries.
  8. Ports
  9. Ports
  10. Tourism Hotel Resorts Museums Tourism facilities Luxury real estate developments
  11. Economic Outlook Continue focus on diversification Investment in human capital Oil price decline
  12. Questions?
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