Oman’s 2018 budget projects a $1.3bn fall in the country’s deficit. But at $7.8bn, almost 13% of GDP, this is hardly something to crow about. Particularly worrying is that the country will have recorded a deficit for 10 straight years – through the $100/B boom years of 2011-14 as well as recent, more constrained, times (see chart).

And the country’s main means of achieving the 2018 deficit cut, a 4.6% real terms cut in spending, combined with an 8% hike to revenue from the amorphous ‘other’ category both look optimistic. (CONTINUED - 1194 WORDS)