Economic diversification "Oman's Vision 2040 as a Model"
DOI:
https://doi.org/10.31436/jia.v24i1.1321Keywords:
Diversification, Economic Diversification, Oman Vision 2040Abstract
The oil-producing Gulf states, including the Sultanate of Oman, suffer from the issue of oil price volatility, which directly impacts all facets of life in these countries, starting from deficits in the public budget, contraction of financial and monetary resources, to the minimal investment in infrastructure projects and services, etc. Economic diversification represents one of the solutions to this problem and constitutes one of the foundations upon which the evolution of the economy globally, and specifically in the Sultanate of Oman, relies.The Gulf Cooperation Council (GCC) countries have endeavoured to diversify their income sources through a number of mechanisms and policies that support the contribution of the private sector and increase the contributions of non-oil sectors to the Gross Domestic Product (GDP). In the Sultanate of Oman, since His Majesty Sultan Haitham bin Tariq bin Said - may God protect him - assumed the leadership of the country, he ordered the preparation and issuance of Oman Vision 2040 to become the national reference for economic and social planning in the Sultanate for the period between 2021 and 2040. The economy and its development, particularly its sustainability, constituted one of the most critical axes of this vision.In the current study, the researcher will present a descriptive analysis of economic diversification in the Sultanate of Oman according to Oman Vision 2040, hoping to provide benefits to professionals in the fields of management and economics. This will be achieved by offering detailed information on this topic, after thorough analysis and interpretation.
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