Economic Diversification in Sultanate of Oman amidst Oil crises

Abstract

The study aims to examine the affects of oil prices on economic growth in amidst oil crises in Sultanate of Oman and to find out economic diversification plans in Sultanate of Oman amidst oil crises. Descriptive research design was adopted for the present study. The data was collected through secondary sources and it is found that to diversify economy there must be some shift in economic plans and policies. Diversification is needed due to decline in oil prices as 80% of the country’s economy is from Oil. To stabilize earnings and increase revenue of the country’s economy diversification can be done by promoting industrial sector, market for non-oil products can be encouraged and marketing of tourism is also one of the alternatives to develop economy in Sultanate of Oman.