The global economic recovery has strengthened, and a growth rate of 3.9% has returned in 2018 and 2019, with 75% of the world economy sharing in the upturn. Yet this tide is not lifting this region enough. Of course, there are differences among countries. For oil exporters, oil prices have rebounded to halfway between their lows and their...
GCC countries have long appreciated the importance of education for their sustained development. However, the sector, and higher education in particular, has risen as a priority over the past decade with the launch of ambitious economic diversification plans across the region. These strategies seek to harness the potential of the GCC’s...
How could fiscal reforms such as the increase in the corporate tax rate and the proposed value-added tax affect Oman’s appeal to foreign investors?
Recent decades have seen a downward trend in corporate taxation, with headline corporate tax rates falling by 20 percentage points since the early 1980s. The average for advanced economies dipped to 22% in 2015, and investment incentives have further reduced effective rates for transnational corporations. After the 2007-08 global financial...
How can the government maintain a prudent fiscal policy while supporting local businesses?
Like other GCC states, Oman’s economy is largely driven by oil and gas activity. However, with fewer and more complex hydrocarbons reserves than its neighbours, it is under greater pressure to diversify its economic base. The scale of this challenge was highlighted by recent falling oil prices, which resulted in lower revenues from the...
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