Framework for Oman’s Economic Development through Small & Medium Enterprise

Abstract

Enhancing small business development and promoting entrepreneurship would be a good strategy to contribute and promote economic development. From the socio-economic development viewpoint, SMEs provide a variety of benefits. The purpose of this study is to examine the link between economic growth and small and medium enterprise performance and develop a conceptual framework in Oman context.Desk Research technique was conducted for this study. The contribution which small and medium businesses can make to national economy and wealth creation needs to be recognized by the governments from the beginning and be considered as part and parcel of the economic development process. SMEs are the major growing force behind the growing economy of the Sultanate of Oman. Experts and economists are unanimous about the role of small and medium enterprises in the development of Oman’s economy. Small and medium enterprises, now representing the largest category in the economic sector, will complement the activities of large-scale businesses as industrialization gains pace in Oman. There is a need to emphasize the role of SME entrepreneurs in economic development, and to ascertain the role of SMEs in capacity building, employment generation, promoting competitive market, technological development for the economic growth of the Sultanate of Oman.

The Role of Entrepreneurship in Economic Resilience

“…They are fundamental in wealth creation, employment generation, and overall economic development (Le et al, 2023;Roxas et al, 2009;Ibarra et al, 2020). SMEs also play a crucial role in capacity building, competitive market promotion, and technological development for economic growth (Muthuraman et al, 2020).…”