10th five-year plan targets average 3.5 % GDP growth rate: Economy Undersecretary

Muscat: Dr Nasser Rashid al Maawali, Undersecretary of the Ministry of Economy has said that the tenth five-year plan will focus on achieving a real GDP growth rate of not less than 3.5 per cent on average and 5.5 per cent in nominal GDP growth rate, as well as increasing the investment rate to 27 per cent of GDP on average.

He added in a statement that one of the main objectives of the plan is to attract more foreign direct investment in the oil and non-oil sectors, to reach 10.9 per cent of the GDP by the end of the plan, in addition to increasing the private sector’s contribution to investment to reach 60% on average, as well as achieving a real growth rate for non-oil activities estimated at about 3.2% on average, and maintaining safe and stable inflation rates in the range of 2.8% annually.

He said “Oman Vision 2040 has been directly followed up and supervised by His Majesty Sultan Haitham Bin Tarik. The tenth five-year plan reflects the trends of His Majesty that were included in his historic speech on February 23, 2020.”

He added,” The tenth five-year plan is of great importance at this historical stage and is considered the first implementation plan for the vision. It is also the first tool by which the potentials of the future vision and the proposed initiatives and policies are implemented in order to achieve the goals of the vision during the next five years.”

He concluded that there will be a special pamphlet known as “The Citizen’s Guide for the Tenth Five-Year Plan” in addition to a number of other documents within the plan’s outputs, including a volume for “The 1st Year Projects in the 10th Five-Year Plan”,” “Monitoring and Evaluation Framework for the 10th Five Year Plan ” and a volume for “The 10th Five Year Plan Programs” which will be released in the first quarter of 2021. –ONA

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