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Lifting productivity in Oman: The Role of Structural Reforms
Author:
Muayad Ismail
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and
Haytem Troug
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Series:
Selected Issues Papers
Volume/Issue:
Volume 2024: Issue 020
Language:
English
Publication Date:
13 Jun 2024
DOI:
https://doi.org/10.5089/9798400278563.018
ISBN:
9798400278563
ISSN:
2958-7875
Pages:
18
Keywords:
Economic diversification; productivity; Oman; structural reforms; productivity gain; Lifting productivity; hydrocarbon real GDP growth; reform priority; product market reform; Commodity markets; Labor markets; Total factor productivity; Global
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IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed.
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Oman’s potential nonhydrocarbon real GDP growth has trended downward since the global financial crisis, with a negative contribution from total factor productivity. This paper estimates productivity gains associated with structural reforms and identifies key binding constraints and reform priorities to boost productivity in Oman. Our results show that reforms to reduce the state’s footprint and strengthen institutions, as well as product market reforms, should be prioritized and packaged together to magnify productivity gains from labor market and financial sector reforms. These findings could inform the planning and implementation of the ongoing structural reform agenda envisaged under Oman Vision 2040.
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Cover Selected Issues Papers
Selected Issues Papers
Publisher:
International Monetary Fund