Economy of Oman

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The economy of Oman is a high-income developing mixed economy that mainly centered around its oil sector, with fishing and trading activities located around its coastal regions. When oil was discovered in 1964, the production and export increased significantly. The government has made plans to diversify away from oil under its privatisation and Omanisation policies. This has helped raise Oman's GDP per capita continually in the past 50 years. It grew 339% in the 1960s, reaching a peak growth of 1,370% in the 1970s. Similar to the pricing of all other commodities, the price of oil is subject to significant fluctuations over time, especially those associated with the business cycle. A commodity's price will rise sharply when demand, like that for oil, outpaces supply; meanwhile, when supply outpaces demand, prices will fall. It scaled back to a modest 13% growth in the 1980s and rose again to 34% in the 1990s. Oman joined the Gulf Cooperation Council in 1981 with the aim of establishing a...

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