Oman treads a slow and unsteady road to diversification

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).