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Oman Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about Oman including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data
Oman, officially called the Sultanate of Oman, is an Arab state in southwest Asia on the southeast coast of the Arabian Peninsula. It has a strategically important position at the mouth of the Persian Gulf. It is bordered by the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest and also shares marine borders with Iran and Pakistan.
Oman had population of 4.572 million in the year 2021 and expected to reach 5.505 million by 2027, growing at a CAGR of 3.14%.
Oman’s real gross domestic product (GDP) was OMR 28.032 billion in 2020 and while recovering from the COVID-19 impact it increased by 1.97% to be around OMR 28.594 billion in 2021. It is further expected to increase by 3.20% and reach OMR 34.543 billion by 2027.
Oman’s per capita GDP was USD 18,298.72 whereas purchasing power parity (PPP) based per capita GDP was USD 32,347.05 for the year 2021.
In 2021, Oman government’s revenue was OMR 11.198 billion whereas the expenditure was OMR 12.999 billion. This resulted in Oman government’s net lending / borrowing negative at OMR 0.818 billion in 2021 indicating that not enough financial resources were made available by the Oman government to boost economic growth.
The current account balance for Oman was negative at USD 3.081 billion for the year 2021 and is expected to increase at a CAGR of 175% and reach positive USD 1.706 billion by 2027. This positive current account balance indicates that Oman will become a net lender to the rest of the world till 2027.
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