#1 Economy of Oman by RobertGibson 08.01.2023 19:02

Oman is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Oman may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Oman exports about US$56.22 billion and imports about US$30.75 billion each year. 16% of the country's population is unemployed. The total number of unemployed in Oman is 772,791. In Oman, 32% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Oman is quite high, but nothing to worry about in terms of investments. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 3.9% of GDP. The country's Gini index is 32. Oman experiences good equality. The majority of citizens in Oman fall within a narrow income bracket, although some cases can show significant disparities. Oman has a Human Development Index (HDI) of 0.783. Oman has a high HDI score. This suggests that the majority of citizens will be able to live a worthwhile life while providing significant help and support to citizens with lower living standards. The Global Peace Index (GPI) for Oman is 1,947. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Oman is very safe in international comparison. The Strength Law Index for Oman is 1. Overall, it is considered rather weak – bankruptcy and collateral laws fail to protect borrowers' and lenders' rights in the event of credit-related complications; Credit information, if any, is scarce and difficult to access.

The currency of Oman is Omani Rial. The plural form of the word Omani rial is rials. The symbol used for this currency is ر.ع. and is abbreviated as OMR. The Omani rial is divided into baisa; There are 1000 in a rial.

Credit rating
The credit rating depth index for Oman is 6, which means that the information is mostly sufficient and fairly detailed; Accessibility is not a problem. According to the rating agency S&P, Oman has a credit rating score of A and the prospects for this rating are negative. According to the rating agency Moody's, Oman has a credit rating of A1 and the prospects for this rating are stable.

Central bank
In Oman, the institution that manages the state's currency, money supply and interest rates is called the Central Bank of Oman. Locally, the central bank of Oman is called البنك المركزي العماني. The average interest rate on deposits offered by local banks in Oman is 2%.

National debt
Oman has a public debt of 90% of the country's gross domestic product (GDP) as estimated in 2012.

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