Economy
| Economy of Oman | |
|---|---|
| Currency | Omani Riyal (R$, OMR) |
| Fiscal year | Calendar year |
| Central Bank | Central Bank of Oman |
| Stock Market | Muscat Stock Market |
Oman's Basic Statute of the State expresses in Article 11 that, "The National Economy is based on justice and the principles of a free economy."
Omani citizens enjoy good living standards, but the future is uncertain with Oman's limited oil reserves. Other sources of income, agriculture and industry, are small in comparison and count for less than 1% of the country's exports, but diversification is seen as a priority in the government of Oman. Agriculture, often subsistence in its character, produces dates, limes, grains and vegetables, but with less than 1% of the country under cultivation Oman is likely to remain a net importer of food.
Since the slump in oil prices in 1998, Oman has made active plans to diversify its economy and is placing a greater emphasis on other areas of industry, such as tourism.
Read more about this topic: Languages Of Oman
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
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—Doris Lessing (b. 1919)