Oman charts path to recovery in 10th five-year development plan

MUSCAT, FEB 28

The Minister of Economy, Dr Said Mohammed al Saqri, outlined the government’s plan for navigating Oman's economic recovery in its presentation to the Shura Council on Wednesday, February 28, 2024. The 10th Five-Year Development Plan acknowledges the significant challenges posed by the Covid-19 pandemic, including a 3.4% decline in GDP in 2020, translating to a loss of RO 1.176 billion.

The Ministry outlined a multi-pronged approach to tackle these challenges and stimulate economic growth. The plan emphasizes direct support for healthcare, education, and essential services, forming the bedrock of a healthy and functioning society.

In addition, targeted economic stimulus packages aim to ensure the continued provision of essential services, mitigating disruptions caused by the pandemic. Measures like tax exemptions, low-interest financing, and direct financial support aim to alleviate the burden on businesses and institutions disproportionately affected by the pandemic.

Beyond immediate recovery, the plan emphasizes long-term investments in critical infrastructure:

• Upgrading healthcare and education: The government will invest in modernizing hospitals, medical facilities, and educational institutions. Additionally, the plan prioritizes enhancing technology to improve the quality of distance learning, ensuring educational continuity during unforeseen circumstances.

• E-commerce boost: Recognizing the growing importance of online commerce, the plan outlines initiatives to develop the e-commerce infrastructure and encourage businesses to adopt online platforms, catering to evolving consumer preferences.

• Supporting entrepreneurs: The plan recognizes the importance of fostering innovation and entrepreneurship. It proposes funding programs, training opportunities, and the creation of co-working spaces to empower aspiring entrepreneurs and nurture new business ventures.

• Attracting foreign investment: The government intends to streamline procedures and offer tax incentives to attract foreign investment, further bolstering economic activity in Oman.

The 10th Five-Year Development Plan signifies Oman's commitment to navigating the post-pandemic landscape and building a resilient and dynamic economy for the future.