Muscat: The Economic Stimulus Plan (ESP) approved by Oman’s Sultan Haitham bin Tarik on Tuesday aims to put Oman back on track of economic recovery post the setback due to COVID-19 pandemic.
A set of mechanisms and procedures has been adopted to ensure a speedy recovery of economic activities. In October 2020, Oman’s Ministry of Economy set up a working group to develop policies and programmes to stimulate the Omani economy.
The ESP that was announced yesterday, March 9, is expected to auger well for the recovery of the local market, apart from providing the much needed stimuli to small and medium enterprises, which was poised for a good take off before the pandemic. The plans factored in the ESP will also attract more investments into Oman and improve the business environment. Furthermore those sectors that were identified for economic diversification as part of the tenth FYP (five year plan) will receive a further shot in the arm with the ESP announced now.
Oman economy expects to grow by nearly 8 per cent in 2022
14 Jan 2021 A general view of Oman. File/ Reuters Oman’s economy is predicted to grow by 7.9 per cent in 2022, according to a new report from the World Bank, placing it among the world’s countries expected to grow fastest.
The World Bank’s Global Economic Prospects, which was published in January 2021, and forecasts the growth of developing countries around the world, Oman’s predicted rate also places it at the front of the GCC countries, in terms of potential growth.
At 11.8 per cent Niger is expected to grow fastest, according to the report. It is primarily African and Arab economies that are forecast to expand the most in 2022. Oman aside, the other countries forecast to grow are the Maldives (11.5 per cent), Ethiopia (8.7 per cent), Fiji (8.2 per cent), Iraq (7.3 per cent) and Djibouti (7.2 per cent).
Image courtesy: ONA
MUSCAT, January 7, 2021 Oman’s Ministry of Economy will target a real GDP growth rate of 3.5 percent on average and 5.5 percent in nominal GDP growth rate, as well as increasing the investment rate to 27 percent of GDP on average, a senior government official said. 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 percent of the GDP by the end of the plan, Dr Nasser Rashid Al-Ma awali, Undersecretary of the Ministry of Economy, was quoted as saying in an
Oman News Agency (ONA) report.
Image courtesy: ONA
MUSCAT, January 7, 2021 Oman’s Ministry of Economy will target a real GDP growth rate of 3.5 percent on average and 5.5 percent in nominal GDP growth rate, as well as increasing the investment rate to 27 percent of GDP on average, a senior government official said. 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 percent of the GDP by the end of the plan, Dr Nasser Rashid Al-Ma awali, Undersecretary of the Ministry of Economy, was quoted as saying in an
Oman News Agency (ONA) report.
Muscat: Oman Ministry of Economy has published details about the tenth five year plan (FYP), 2021-2026, which will also form the base budget for National Vision 2040.
Per the file published Tourism sector has taken a back seat, compared to other key sectors which has received more focus. High targets have been set for Education, Manufacturing, Transport and Logistics, Fishery Wealth and Mining.
Oman has set a target of 2.5 per cent for Tourism towards country’s Gross Domestic Product (GDP) in the new FYP, which is lower than the 3.3 per cent set during the previous five-year plan 2016-2020.
Among others, Oman’s tourism sector was one of the most affected sectors in 2020 due to COVID-19 pandemic. The Ministry of Heritage and Tourism estimated the sector’s direct losses at about RO 500 million till the end of September 2020. Domestic tourism in Oman is seeing an uptick currently as the cooler months are in fray with restrictions still in tow to travel abroad.