Lower oil prices are significantly changing public spending patterns – but GCC countries are better placed than most to ride out the storm. That’s the top finding from the latest Economic Insight: Middle East report, commissioned by UK-based chartered surveyors body, ICAEW. The report says residents of the region should brace themselves for fewer giveaways and subsidies, as well as public spending cuts in some countries. But Michael Armstrong, ICAEW Regional Director for the Middle East, Africa and South Asia, says local economies can still flourish if they diversify from oil revenues effectively…
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