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Empowering the Sultanate of Oman”: Assessing the Impact of Fishery Production, Licensing Policies and Exports on Economic Growth for Sustainable Development

Author

Listed:
  • Kwatra, Neetu
  • Al-Rashdi, Khalfan M.
  • AlBalushi, Aatif Abdul Samad

Abstract

The purpose of this study is to identify the causal relationship between fishery GDP and the economic growth of Oman. The study analyzes the contribution of fishery production, licenses issued, and fishery exports to the GDP of the fishery sector. The time series data on fishery production, GDP, license issued, and volume of exports for the period of 1998–2021 has been used in this study. The VAR lag selection criterion, ADF unit root test, pairwise Granger causality, ordinary least squares method, and vector autoregression lag order model have been used as tools for analyses. The finding states that there is a unidirectional relationship between GDPF2 (GDP fishery in second order) and GDPT (Real GDP of the country). The past value of GDPT can predict the value of GDPF2, and there exists a causal relationship (independence) between the real gross domestic product of the country and fishery production. The study also found that, though GDPF2 is mostly affected by fishery production, the number of licenses issued, and the volume of exports have no significant impact on GDP. It has been recommended that the government should focus on its export and licensing policies to improve the fishing industry's proportionate share of economic growth. Keywords: Real GDP, fishery production, Export, License, Economic growth, GDP fishery

Suggested Citation

  • Kwatra, Neetu & Al-Rashdi, Khalfan M. & AlBalushi, Aatif Abdul Samad, 2024. "Empowering the Sultanate of Oman”: Assessing the Impact of Fishery Production, Licensing Policies and Exports on Economic Growth for Sustainable Development," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 6(1), January.
    • Handle: RePEc:ags:ijfaec:341524
    DOI: 10.22004/ag.econ.341524
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    References listed on IDEAS

    as
    1. Belwal, Rakesh & Belwal, Shweta & Al Jabri, Omar, 2015. "The fisheries of Oman: A situation analysis," Marine Policy, Elsevier, vol. 61(C), pages 237-248.
    2. Faris Nasif Alshubiri & Omar Ikbal Tawfik & Syed Ahsan Jamil, 2020. "Impact of petroleum and non-petroleum indices on financial development in Oman," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-22, December.
    3. Sigfusson, Thor & Arnason, Ragnar & Morrissey, Karyn, 2013. "The economic importance of the Icelandic fisheries cluster—Understanding the role of fisheries in a small economy," Marine Policy, Elsevier, vol. 39(C), pages 154-161.
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