10th Five-Year Plan Targets Average 3.5% GDP Growth Rate: Economy Undersecretary

SourceBusiness Live ME
SectorEconomy
CountryOman

Muscat: Dr. Nasser Rashid Al-Ma’awali, 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 to Oman News Agency (ONA) 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 per cent on average, as well as achieving a real growth rate for non-oil activities estimated at about 3.2 per cent on average, and maintaining safe and stable inflation rates in the range of 2.8 per cent 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 directions of His Majesty that were included in his historic speech on 23 February 2020.” He added: “The tenth five-year...read more...