Oman’s economy recovers, moving towards robust growth trajectory

Oman’s economy recovers, moving towards robust growth trajectory

Muscat: The Shura Council on Wednesday hosted Dr. Said Mohammed Al Saqri, Minister of Economy, who delivered a statement about developments experienced by Oman’s economy over the past period and its future outlook.

The briefing took place during the Council’s 5th regular session of its Tenth Term’s first annual convening.

During the session, Al Saqri focused on three main topics: Evaluating the economic diversification process until the middle of the current five year plan; Evaluating the microeconomic performance until the middle of the current five-year plan; and the role of the Ministry of Economy in addressing regional and international economic developments.

He stressed that economic and financial indicators affirm that the Omani economy has passed recovery stage (from pandemic) to the stage of growth. It posted remarkable growth rates, thanks to the sound policies and the improvement of oil prices.

He explained 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 percent and 9.6 percent, 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 Omani economy from inflation