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Oman Economic Forum March 23/24, 2016 Oman Economic Forum March 23/24, 2016

Oman Economic Forum March 23/24, 2016 - PowerPoint Presentation

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Oman Economic Forum March 23/24, 2016 - PPT Presentation

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

growth oman gdp economic oman growth economic gdp sovereign debt economy current reserves usd bln plant gas sector surplus

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Slide1

Oman Economic ForumMarch 23/24, 2016

Mr. Saad Al JenaibiGeneral ManagerQatar National Bank, Oman

Slide2

Oman Economic Review

Slide3

Flushed with hydrocarbon revenues, the Omani economy has experienced strong growth coupled with diversification over the previous decade

Slide4

Oman has embarked on a large infrastructure and investment spending

programme to diversify the economy and spur growth

Slide5

2014

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

Slide6

Objective

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