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Abstract
Oman, a member of the Cooperation Council of the Arab States of the Gulf (the Gulf Cooperation Council, or GCC),1 has an economic structure similar to that of the other GCC countries. All are oil-dependent, open economies with liberal exchange and trade systems and currencies that are effectively pegged to the U.S. dollar. Given their monocultural export orientation, these economies have been subject to similar impacts from changes in world oil prices; however, they vary in the extent of their dependence on known oil and natural gas resources. Oman’s dependence on the oil sector, as measured by the share of oil production in total GDP, government revenues, and export receipts, exceeds that of the GCC as a whole. That dependence, even when compared with the GCC average, has not changed significantly over the past six years(Figure 3.1.)
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