Answer

It can be seen that oil and gas are the main sources of the Oman economy. Both of these products are involved in playing an important role in the economic growth of Oman. This country thinks that the export of these products will allow the country to solve many problems that are related to economics in a proper way. The largest export of Oman is Oil products. They have calculated the value of these products for the upcoming years. This is the reason this country has blind trust in the export of oil products in different countries that will help them in economic growth.

The export of these products will also damage the economic growth of other countries. The reason is that oil is one of the major factors in moving the country in a proper way. This oil mostly imported by other countries by Oman. This country has the authority to increase the export prices of Oil. In doing this, it will increase the import prices of oil in other countries. This result in weakens the economic growth of these countries (Ebenstein, 2012).

References of reliance on oil and gas exports make Oman growth vulnerable to changes in other economies?

Ebenstein, A., 2012. The consequences of industrialization: evidence from water pollution and digestive cancers in China. Review of Economics and Statistics, pp. 186-201.

H. Rept. 116-9, 2019. CONFERENCE REPORT AND EXPLANATORY MATERIAL STATEMENT ON H.J. RES. 31, FURTHER CONTINUING APPROPRIATIONS FOR DEPARTMENT OF HOMELAND SECURITY, 2019, SUBMITTED BY MRS. LOWEY, CHAIRWOMAN OF THE HOUSE...; Congressional Record. [Online]
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Knack, S., 2009. Sovereign rents and quality of tax policy and administration. Journal of Comparative Economics, 37(3), pp. 359-371.

Rogge, K. S., Schneider, M. & Hoffmann, V. H., 2011. The innovation impact of the EU Emission Trading System—Findings of company case studies in the German power sector. Ecological Economics, pp. 513-523.