Economy has entered growth phase

Economy has entered growth phase

MUSCAT, Feb 28The performance indicators show that the Omani economy has moved beyond the pandemic recovery phase, and has entered the growth phase. The economy has achieved remarkable growth rates, which were strengthened by policies and measures taken by the government. As a result of improvement in oil prices, the economy has witnessed rapid positive developments during the past period of the Tenth Five-Year Development Plan (2021-2023).This was revealed by Dr Said bin Mohammed al Saqri, Minister of Economy, when the Majlis Ash'shura hosted him on Wednesday during its fifth regular session of the first annual convening of the 10th term (2023-2027).During a discussion with the members, the minister in his statement outlined key areas of focus related to the nation's economic performance at the midpoint of the current five-year development plan.He said that, over the past period (2021-2023) of the current five-year plan, the economy saw rapid developments evidenced by a rise in oil prices over the first two years (2.6 per cent and 9.6 per cent, respectively), while outlook for the rest of the Tenth Five-Year Plan remained positive.The minister pointed out that the proactive government measures contributed to protecting the economy from inflation and keeping it