Lifting productivity in Oman: The Role of Structural Reforms

Oman’s potential nonhydrocarbon real GDP growth has trended downward since the global financial crisis, with a negative contribution from total factor productivity.
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Volume/Issue: Volume 2024 Issue 020
Publication date: June 2024
ISBN: 9798400278563
$15.00
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Topics covered in this book

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Labor , Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , 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

Summary

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.