Introduction Key Economic Facts Risk Assessment (Provided by Coface) Oman is a country in Southwest Asia on the coast of the Income Level (by per capita High Income Country rating: C - A very uncertain political and economic Arabian Sea, Gulf of Oman, and the Persian Gulf. GNI): outlook and a business environment with many troublesome Neighboring countries include Saudi Arabia, United Arab Level of Development: Developing weaknesses can have a significant impact on corporate Emirates, and Yemen. Oman has a GDP, PPP (current international $141.82 billion (2019) strategic location on the Arabian $): payment behavior. Corporate default probability is high. Peninsula adjacent to the Strait of GDP growth (annual %): -1.65% (2019) Business Climate rating: A4 - The business environment Hormuz, a vital transit point for crude oil. GDP per capita, PPP (current $28,507.48 (2019) is acceptable. Corporate financial information is sometimes The geography of Oman is mountainous international $): neither readily available nor sufficiently reliable. Debt and arid. The government system is a monarchy; the chief Manufacturing, value added (% 10.47% (2019) collection is not always efficient and the institutional of state and head of government is the sultan and prime of GDP): minister. Oman is a member of the League of Arab States Current account balance (BoP, -$4.14 billion (2019) framework has shortcomings. Intercompany transactions (Arab League) and the Gulf current US$): may thus run into appreciable difficulties in the acceptable Cooperation Council (GCC). Inflation, consumer prices 0.13% (2019) but occasionally unstable environments rated A4. (annual %): Strengths Labor force, total: 2,878,139 (2020) Unemployment, total (% of 2.55% (2020) • Strategic location, strong commercial ties total labor force) (modeled ILO • Ability to attract financial support from neighboring estimate): countries Imports of goods and services $35.30 billion (2019) (current US$): • High living standards, balanced relations with the Location: Western Asia Exports of goods and services $46.19 billion (2019) regional powers Capital City: Muscat (+4 GMT) (current US$): • Oil and gas resources Chief of State: Sultan and Prime Minister Haytham • Tourist attractions bin Tariq bin Taimur Al-Said Weaknesses Head of Govt.: Sultan and Prime Minister Haytham GDP Composition % bin Tariq bin Taimur Al-Said Agriculture Services Industry Manufacturing • Heavy dependence on hydrocarbons (nearly 40% of Currency: Omani rial (OMR) GDP) Major Languages:
Arabic (official), English, Baluchi, 48 54 • Wide budget deficit, high and rising public debt Swahili, Urdu, Indian dialects
2 10 • Large external financing needs Primary Religions:Muslim (official; majority are Ibadhi, lesser numbers of Sunni and *Although Manufacturing is included in the Industry figures, it is also separately • Ageing oil reserves Shia) 85.9%, Christian 6.5%, Hindu reported because it plays a critical role in economy. 5.5%, Buddhist 0.8%, Jewish <.1, Rankings U.S. Embassy other 1%, unaffiliated 0.2%
U.S. Embassy Oman Calling Code: 968 Index Rank Corruption Perceptions Index 56 / 180 P.C. 115 Voltage: 240 Global Competitiveness Index 53 / 141 Madinat Al Sultan Qaboos Muscat, Oman Key Websites Global Enabling Trade Index 46 / 136 Telephone: (968) 2464-3400 Index of Economic Freedom 88 / 179 Main Government Page: oman.om International Logistics Performance Index (LPI) 43 / 160 https://om.usembassy.gov Commerce Ministry: moci.gov.om Inward FDI Potential Index 51 / 139 Export Promotion Agency: ithraa.om KOF Index of Globalization 69 / 185 Investment Promotion ithraa.om Agency: Networked Readiness Index (NRI) 52 / 139Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV