10. The table shows the diversification trend till 2015. What has been the trend in diversification from 2015 till 2020? What effect did this changed trend have on the Income and employment of the country? Answer needs to be with reference to avoiding plagiarism.
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Oman has a GDP of 79.5 billion USD in 2019. Oman largely depends upon oil revenue to finance its expenditure. As oil prices plunged in the 1990s it prompts Omanian leaders to have alternatives for oil. Economic vision 2020 was launched and the aim of the goal was to the diversification of GDP through 5 - years plan.
From the below data, we can see that economy is moving away from the petroleum sector to non- petroleum sectors as the share of the petroleum sector to GDP is decreased during the period 2011 to 2015 while share of non-petrolium activities has increased during the same period. The same trend is continuing from 2015 to 2020 as the country has decided that it will shift the composition of economic GDP. In order to increase the employment rate, the country has restricted foreign workers to work in the country by not allowing the work-Visas.
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