Government Role in the Economy
The Vision for Oman’s Economy 2020, adopted in 1995 charted the future path of the Sultanate for take-off towards self sustained growth in a private sector led and an export oriented economy with diversified sources of national income. Market oriented policies and private sector development are deeply rooted economic concepts and practices in Oman. The government has always regarded a dynamic private sector as the engine of prosperity and growth.
Consecutive Five Year Development Plans have made rapid strides towards the Vision objectives. Nevertheless, after three decades of development effort, Oman remains at a crossroads confronting a host of challenges stemming mainly from the fact that the economy is still reliant on oil which is a non-renewable dwindling resource subject to a high degree of price volatility. Recognising this challenge, the Government has initiated a structural adjustment process aimed at laying down a solid foundation for a diversified economic base led by the private sector.