National economy rebounds from COVID-19 lows: H E Saqri 

National economy rebounds from COVID-19 lows: H E Saqri 

Oman’s economy has rebounded significantly after its GDP nosedived 3.4% - or RO1bn - during the pandemic: H E Saeed bin Mohammed al SaqriMuscat – Oman’s economy has rebounded remarkably after its GDP nosedived 3.4% – or RO1bn – during the COVID-19 pandemic, H E Dr Saeed bin Mohammed al Saqri, Minister of Economy, stated on Wednesday.

Speaking at a session hosted by Majlis A’Shura, H E Saqri provided insights into the ministry’s strategic approach, focusing on economic diversification, overall economic performance and navigating regional and international economic challenges.

The minister outlined the hurdles encountered while formulating the 10th Five-Year Plan (2021-2025), especially the adverse impacts of the pandemic in 2020. In response, the government initiated a series of measures to mitigate these challenges, including economic stimulus packages, tax exemptions, interest-bearing financing and direct financial aid to affected institutions. Efforts were also made to bolster vital sectors such as health and education, alongside promoting e-commerce and enhancing the country’s digital infrastructure.

H E Saqri emphasised the successful transition of the Omani economy from recovery to growth, attributing this to strategic policies and an uptick in oil prices. He reported significant growth rates during the first two years of the current Five-Year Plan, with