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Abstract
The economy of Oman experienced substantial growth and domestic price stability over the period 1980–97, during which the overall well-being of the population improved significantly. Liberal trade and payments systems and a stable currency supported this strong performance, notwithstanding marked fluctuations in world oil prices. The performance of the economy was not, however, associated with any significant shift in its structure. Dependence on the oil sector remains overwhelming, but the prospects for further growth of the oil sector have become limited. Moreover, the domestic saving-investment imbalance remained large during this period and contributed to a narrowing of the surplus in the external resource balance. Furthermore, as real economic growth has slowed in recent years and the population growth rate averaged about 2.85 percent a year over 1994—97, the annual increase in real GDP per capita during this period tended to remain subdued at only about 1 percent.
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