Economy

Having endured low oil prices for the entire year, countries across the resource-rich GCC saw their balance sheets constrained in 2015, and in Oman’s case lower oil revenues led to a nominal GDP contraction of 13.8% and the largest deficit in more than a decade. Closing the fiscal gap is a government priority, with spending cuts, tax reform and increased private sector activity all expected to play a part in the process. The sultanate’s ambition, however, extends beyond the short-term issue of funding; over the longer term, the ability to restructure its economic base will be central to its future stability. This chapter contains an interview with Khalifa Al Barwani, CEO, National Centre for Statistics and Information.