Image used for illustrative purpose. Debt as a proportion of GDP is expected to rise but remain below 60%. The budget sets out the estimated total revenue and spending on social and economic development. In 2016, low global oil prices drove Omanâs budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. Omanâs economic freedom score is 63.6, making its economy the 75th freest in the 2020 Index. In 2019, Oman's real gross domestic product decreased by around 0.83 percent compared to the previous year. Oman announces second stimulus package for economic revival. ... IMF. Oman's 10th five-year plan (2020â2025) is the first implementation plan of Vision 2040, and will focus its efforts towards achieving economic diversification. Growth projections have been revised down since the April 2020 Regional Economic Outlook, the IMF says in its latest update to the report. Read the Article November 3, 2020. (October 12, 2020). The 2020 Budget represents the final year of the Ninth Five-Year Development Plan (2016-2020), and also reflects the last year of Oman Vision 2020. Oman Economic Outlook. - ⦠Oman GDP (Gross Domestic Product) was INT$188.71billion for 2019 in PPP terms. The latest initiatives come just under six months since the Central Bank announced a raft of policy measures and financial incentives . Despite their efforts, the pandemic has inflicted heavy economic damage on the region. Aerial view of ⦠As of January 2018, Oman has sufficient foreign assets to support its currencyâs fixed exchange rates. The economy likely recovered in Q3, after Covid-19 restrictions weighed on activity in Q2. economy | 07 September, 2020. GDP From Mining in Oman is expected to reach 165.02 OMR Million by the end of 2020, according to Trading Economics global macro models and analysts expectations. Despite daily crude oil output and energy exports averaging lower in Q3 than in Q2, natural gas production hit record highs. The Middle East and Central Asia countries acted quickly and decisively in response to COVID-19. In the long-term, the Oman GDP From Mining is projected to trend around 169.97 OMR Million in 2021 and 175.91 OMR Million in 2022, according to our econometric models. S&P estimates Omanâs gross government debt will rise to about 84% of GDP by end-2020 from 60% in 2019, while government-related enterprises debt will reach 43% of GDP ⦠The 2020 budget demonstrates the governmentâs continued focus on controlling deficit, which is expected to decline by 11% from OMR 2.8 billion budgeted in 2019 to OMR 2.5 billion in 2020. In 2016, low global oil prices drove Omanâs budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. 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