Oman ranks 56th globally in 2024 Index of Economic Freedom

Oman ranks 56th globally in 2024 Index of Economic Freedom

The Sultanate of Oman has advanced 39 places in the 2024 Index of Economic Freedom to rank 56th globally, compared to 95th in 2023.

The post Oman ranks 56th globally in 2024 Index of Economic Freedom appeared first on The Arabian Stories News.Muscat – “Oman’s economy is considered ‘moderately free’ according to the 2024 Index. Oman’s economy is being modernized,” states the 2024 Index of Economic Freedom report released by The Heritage Foundation.The report on Oman reads as follows: “Oman’s economic freedom score of 62.9 makes its economy the 56th freest in the 2024 Index of Economic Freedom. Its rating has increased by 4.4 points from last year, and Oman is ranked 5th out of 14 countries in the Middle East/North Africa region. The country’s economic freedom score is higher than the world and regional averages.”The report also points out that Oman, recognizing the importance of a dynamic entrepreneurial environment, has acted to diversify economic activity and stimulate more broadly based development. “The evolving regulatory framework’s efficiency is improving, and tax rates are competitive. Foreign investment is welcome in many sectors, although the approval process can be time-consuming,” it states.

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