Muscat: The tenth five-year plan is expected to create 135,000 jobs at the rate of 27,000 jobs annually in the public and private sectors, and it will work to find global markets for the small and medium enterprises.
Dr. Saeed bin Mohammad al Saqri, Minister of Economy, said in an interview with Oman TV that the tenth five-year plan aims to generate job opportunities, increase social welfare and improve the level of per capita income.
Achieving financial sustainability is one of the priorities of the plan, including reviewing the volume of spending, alongside diversifying the source of revenues to reduce the deficit and public indebtedness.
The plan is expected to achieve a significant contraction in the size of the fiscal deficit by 2024 and will try to achieve a surplus of RO65 million.
Work is underway to accelerate the issuance of implementing regulations for laws supporting investment, including a review of the Development and the Public Debt Laws to stimulate the business environment.
A growth of 3.5 percent in the Sultanate's GDP is one of the key targets of the 10th Five Year Plan, Oman's Ministry of Economy said on Friday.
The Tenth Five-Year Plan (2021-2025) is the first implementation plan for Oman 2040 vision
It has 88 strategic goals, 343 programs, 14 national priorities, and four main themes, aiming at promoting sustainable human development, stimulating economic activity, expanding the economic diversification base, developing the economic environment, and achieving financial sustainability, achieving a balanced development for the governorates and economic diversification sectors. the ministry.
The main economic diversification sectors are agriculture and fisheries mining and mining products, manufacturing industries, service logistical activities, and education.
It will also focus on Green, Circular economy, and knowledge-based economies.
The plan includes a number of indicators and targets for economic performance during the next five years including achieving a real growth rate of the GDP of not less than 3.5 percent on average throughout the plan
The plan’s achievement will be monitored and evaluated according to a set of smart performance indicators.
It aims at enhancing the private sector’s contribution to investment to reach 60% on average, achieving GDP growth rate at current prices by 5.5 %, achieving a real growth rate for non-oil activities in the range of 3.2 on average, increasing the investment rate to reach 27% of GDP on average by enhancing the efficiency of investment and available resources, attracting more foreign direct investments in the oil and non-oil sectors, to reach 10% of GDP by the end of the plan.
The plan also targets to achieve plan a real growth rate of non-oil activities in the range of 3.2 percent and attract more foreign investments in the oil and non-oil sectors in the range of 10% of the GDP by 2025.
As per the Royal Decree issued on Friday, the 10th Five Year Development Plan will be implemented in accordance with its financial structure and in line with the Fiscal Balance Plan issued by the Ministry of Finance.
The Ministry of Economy will publish the details of the Plan in reports to be drafted exclusively for this purpose.
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