Addresses the changes that the Omani economy underwent within a 25-year period and the challenges, such as oil depletion, insufficient work force and un-diversified economy that the country is currently facing.
Written in 2004; 3,386 words; 9 sources; APA; $ 96.95
Paper Summary:
The accession to the throne of sultan Qaboos ibn Said inn 1970 marked the beginning of considerable political and economic changes in Oman. Realizing the importance of internal and local stability, the sultanate started coming out of its political isolation, forming alliances in the Middle East and maintaining good diplomatic relations with the western powers. Overall, sultan Qaboos supported a non-aligned foreign policy, determined by what is of best interest to the country. Alongside, the regime gradually modernized the country in an effort to develop the economy and attract foreign investment. Although infrastructural improvements, social changes, and economic reforms were progressively undertaken, the country still faces the challenges of its overdependence on oil and shortage of Omani labor force. As Omani oil reserves are depleting, the transition from rentier to a more diversified economy is imperative to the future economic growth of the sultanate. This paper explores the economy of Oman during the period of 1980-2004 and how it was affected by the regime's internal reforms, its involvement in the resolution of the local conflicts and its diplomatic ties with the U.S.
Paper Outline:
Introduction
Oman and the Gulf Cooperation Council
Gulf War: Consequences
Iran-Iraq War and its Impact on Omani Economy and Political Stability
Omani Economy: Problems and Challenges
Social Reforms
Foreign Investment
U.S.- Omani Relations
Military Expenditure
Conclusion
Bibliography
From the Paper:
"The signing of the Facility Access Agreement secured the positions of the regime, provided American economic support and expertise, and was crucial to establishing peace during the Gulf War. Also, Omani military alliance with the U.S. allowed the sultanate to divert some of the military spending and undertake more social reforms. Economically, the sultan introduced crucial reforms to make Oman an attractive investment destination. However, in order to fully exploit the foreign investment opportunities, the sultanate should fight the high level of corruption and introduce more transparency in the processes of privatization and business attraction."
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