Oman advances in latest Economic Freedom Index

The Sultanate of Oman advanced 39 places in the 2024 Economic Freedom Index issued by the Heritage Foundation. Oman now occupies 56th position among world countries, compared to 95th place in 2023.

The index, which covers 184 countries, reflects 12 parallel sub-indexes grouped into four categories: the rule of law, Government size; regulatory efficiency, and open markets.

Oman scored 62.9 out of 100, thus securing a “somewhat free” rating this year (2024), compared to “mostly not free” rating last year (2023). Oman’s performance exceeded the global and regional average.

Oman secured most progress in the Financial Health Index, in which its score rose from 12.1 in 2023 to 73.8 (out of 100) in 2024. This progress is credited to the Government’s efforts to cut down the ratio of Public debt to GDP”, in addition to Oman's success in posting a fiscal surplus in its budget.

Oman also achieved high results in other indices, including the Tax Burden Index, the Monetary Freedom Index and the Business Freedom Index.

Acting in cooperation with the National Programme for Investment and Export Development (Nazdahar) and other relevant departments, the National Competitiveness Office is devising an action plan to help realise the objectives of Oman Vision 2040, notably with the aim of placing Oman among the top 40 countries in the world.

The Economic Freedom Index documents the positive relationship between economic freedom and a range of social and economic goals. Economic freedom is closely linked to concepts of healthier societies, a cleaner environment, increased per capita wealth, human development, democracy and poverty eradication.

This is an unofficial English version of an Arabic report. To view the official Arabic text, click here.