Mr Saad Al Jenaibi General Manager Qatar National Bank Oman Oman Economic Review Flushed with hydrocarbon revenues the Omani economy has experienced strong growth coupled with diversification over the previous decade ID: 803523
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Slide1
Oman Economic ForumMarch 23/24, 2016
Mr. Saad Al JenaibiGeneral ManagerQatar National Bank, Oman
Slide2Oman Economic Review
Slide3Flushed with hydrocarbon revenues, the Omani economy has experienced strong growth coupled with diversification over the previous decade
Slide4Oman has embarked on a large infrastructure and investment spending
programme to diversify the economy and spur growth
Slide52014
2015e
2016e
2017e
Fiscal surplus (% of GDP)
7.1
-13.0
-14.5
-10.6
Current account surplus (% of
GDP)
5.7
-10.1-13.2-9.0International reserves –ex gold (USD Bln)16.314.212.711.9Import cover (Months)5.14.64.24.0Public sector debt (USD Bln)4.19.914.817.2Public sector debt (% of GDP)5.315.721.523.5
Lower oil prices are forecast to drive the current and fiscal accounts into deficits, impacting growth, foreign reserves and sovereign rating
Slide6Objective
Action
Sustain long term growth
Maintain capital expenditure levels focusing on quality flagship projects like
Duqm
development, Muscat,
Salalah
airport expansion, SAIL
gas based steel plant,
Liwa
cracker plant,
Khazzan
, Makarem fields and Middle east deep water gas pipelineCapital expenditure fundingIssue sovereign debt, partially liquidate sovereign assets and execute targeted privatizationsCost controlCutting energy subsidies, security & defense spendingRaising revenueIntroduce VAT, marginally increase corporate tax and charges for state provided services, take a broader approach to balancing revenue and expenditureMeeting the challenging economic environment