Oman treads a slow and unsteady road to diversification
Issue 1020
- 29 Jul 2016
| 4 minute read
Oman’s economy is one of the most vulnerable to the woes currently afflicting the region. The Muscat government has fewer resources than most of its Gulf Co-operation Council (GCC) peers and is less able to support local businesses and banks. The low oil revenues and a lack of diversification has meant that after five years in which nominal gross domestic product (GDP) grew by an average of 11.3%/yr it shrank by 14% in 2015, according to Central Bank of Oman (CBO).
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