- With the exception of VAT, most of the easy fiscal adjustment has already happened. Further significant and painful reforms are unlikely to be implemented due to the current absence of strong leadership.
- Alternatives to reform are limited, asset sales are unsustainable and regional support has been patchy, raising questions about Oman’s fiscal position.
- However, the economy still has good long-term potential as a result of growing gas output and significant opportunities for growing non-oil sectors such as tourism and transhipment.
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Estimated long-term impact of potential reforms (% GDP)
