Qatar is set to post a record budget deficit in 2016, possibly as much as $21bn according to MEES estimates. Spending has been cut, but by much less than revenue. And civil servants are sitting pretty: their salaries buck the trend rising to a record of almost 25% of GDP.

Qatar has slashed government spending in its 2016 budget by 9.4% as it seeks to balance its books following the plunge in oil prices. But even this is not sufficient to prevent the emirate from projecting its first budget deficit in 15 years. (CONTINUED - 1366 WORDS)