Oman's 10th five-year plan targets 3.5 per cent GDP growth

Published 02 Jan,2021 via Muscat Daily - Oman’s 10th five-year development plan (2021-2025) aims to achieve an annual real gross domestic product (GDP) growth of minimum 3.5 per cent during the five years period of the plan.

The new five-year plan also targets to realise an average yearly GDP growth of 5.5 per cent at current prices during the years of the plan, according to a statement issued by the Ministry of Economy.

The plan seeks to achieve a number of economic and social priority goals with the prime aim of activating the economy, developing macro-economic environment, upgrading the performance of general finance, and realising the rationalisation of public spending.

The 10th five-year development plan also targets increasing investment rate to 27 per cent of the gross domestic product during the years of the plan and working to raise the efficiency of investment. The plan aims to increase foreign direct investment in oil and non-oil sectors to 10 per cent of GDP by the end of the plan.

The plan focuses on economic diversification mechanisms and raising the contribution of non-oil activities to the sultanate’s economy. It aims to achieve a 3.2 per cent annual average growth in non-oil GDP by focusing on promising economic sectors like high-tech converting industries, agriculture, fisheries, food processing, transporting, storage and logistics.

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