A growth of 3.5 per cent 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 programmes, 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 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 per cent 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 per cent on average, achieving GDP growth rate at current prices by 5.5 per cent, achieving a real growth rate for non-oil activities in the range of 3.2 on average, increasing the investment rate to reach 27 per cent 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 per cent of GDP by the end of the plan.
The plan also targets to achieve a real growth rate of non-oil activities in the range of 3.2 per cent and attract more foreign investments in the oil and non-oil sectors in the range of 10 per cent 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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