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.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)