A judicious macro economic strategy has ensured a strong economy for Oman and the preliminary estimates indicate a GDP growth rate at current prices about 40 percent in 2008. Oman’s economy has remained strong, not only due to the continued strength of international oil prices, but also due to various diversification activities. The economic diversification program made headway with the commissioning of many mega gas-based projects including Oman Polypropylene, Oman Methanol and Sohar Aluminium and several other projects are expected to go on stream shortly.

Non-oil activities are expected to register a growth rate at 26.7 per cent and tourism, which is one of the main sectors targeted by the economic diversification strategy, grew by 22.3 per cent in 2008.

The Executive Board of the International Monetary Fund (IMF) has commended Oman’s authorities for the country’s strong growth performance over the past few years, despite declining oil production. The Board of Directors welcomed, in particular, the steady progress in implementing structural reforms that has contributed to strong non-oil output growth.

Oman has systematically been liberalizing its economy to ease the path for investment particularly overseas investment, and has introduced a number of policy and legislative changes to support this. For more information related to Oman’s economy, major projects under developments and commercial and administrative developments please refer to A Summary of Economic, Commercial and tax developments in 2008