The performance of the Omani economy in 2023 exhibited positive growth across various economic indicators, demonstrating strong performance in public finance, an improvement in credit ratings, an increase in gross domestic product (GDP), as well as rising revenues from both oil and non-oil sectors. Foreign trade continued to prosper, and inflation was successfully controlled at safe and acceptable levels, reaching 0.6% by the end of November last year.
During the opening of the first annual session of the eighth term of the Oman Council, His Majesty Sultan Haitham bin Tariq emphasized the country’s success in achieving significant economic and social accomplishments despite global challenges. He underscored the importance of sound resource management, debt reduction, and focus on supporting social sectors to stimulate economic growth.
His Majesty highlighted the positive impact of the financial sustainability plan in maintaining the country’s financial position and improving spending efficiency. National programs were acknowledged for contributing to economic growth and encouraging investment in promising sectors. The commitment to ongoing efforts in diversifying national income sources and increasing non-oil revenues was reiterated.
The Vision Oman 2040 serves as a comprehensive framework for economic and social policies aimed at achieving greater social welfare and developing a diversified knowledge-based economy. The success of the Omani economy lies in effective governance, clear policies, and support for national development and planning programs.
In the same context, the Omani economy recorded a growth of 2.2% in constant prices by the end of the third quarter of 2023, driven by growth in non-oil activities and the service sector. Government policies played a crucial role in improving overall economic indicators by reducing public debt, increasing developmental spending, and creating an attractive investment environment, while also restructuring fiscal priorities.
In conclusion, Oman’s economic success is attributed to governmental stability and the implementation of economic and social reforms, positioning the economy to achieve the goals outlined in Vision Oman 2040.