Muscat – The sultanate will celebrate its 54th National Day on Monday marking milestone accomplishments in different areas.

Citizens of Oman and various state institutions have rendered indispensable contributions to the comprehensive development during the Renewed Renaissance under His Majesty Sultan Haitham bin Tarik who has outlined a wise and sound vision that leads to progress and prosperity in all fields.

His Majesty’s directives to all state institutions to continue improving the missions entrusted to them and to develop appropriate conditions to upgrade performance at all levels have contributed positively over the past five years to achieving success in various targets of Oman Vision 2040.

The government has managed to improve the state’s economic and financial performance and reduce debt and increase gross domestic product. By the end of September 2024, public revenues had risen to RO9.198bn, up 4% from RO8.886bn in the same period in 2023. The state’s general budget recorded a surplus of RO447mn, while public debt decreased to RO14.4bn in June 2024, a sharp reduction from RO20.8bn in 2021. Public debt as a percentage of GDP also declined from 62.3% in 2021 to 35% in mid-2024, marking consecutive years of budget surpluses.

Foreign direct investment (FDI) also surged, reaching RO25.05bn by the end of 2023, up 21.6% compared to RO20.59bn in 2022. This growth underscores Oman’s appeal as a destination for international investors.

Improved fiscal management has positively influenced Oman’s credit ratings. Standard & Poor’s upgraded the country’s rating to BBB- from BB+, with a stable outlook, while Moody’s revised its outlook to positive, maintaining the Ba1 rating. These ratings reflect Oman’s enhanced economic environment, regaining investor confidence after nearly seven years of challenges caused by global oil price volatility and the COVID-19 pandemic. The sultanate has also made strides in global rankings, climbing 39 places in the 2024 Index of Economic Freedom to 56th globally, compared to 95th in 2023. In the Entrepreneurship Index, Oman advanced 27 places to 11th globally. Additionally, the country leapt from 149th in 2022 to 50th in Environmental Performance Index.