What happens when an oil-rich country suddenly sees oil prices cut in half? This is what many Gulf Cooperation Council (GCC) countries faced in 2014, when crude oil prices tumbled from over $100 a barrel to just around $50. In Oman, a country that has long relied on hydrocarbon exports and revenue, the oil price drop was a painful shock to its public finances. Government revenues dropped from 40 percent to 26 percent of GDP in two years, while spending levels were not adjusted. […]