Objectives of Oman's Ninth five-year plan reviewed

Business Saturday 02/January/2016 23:05 PM
By: Times News Service
Objectives of Oman's Ninth five-year plan reviewed

Muscat: Objectives of the 9th Five-Year Plan and the outlook of Oman economy 2020, were reviewed by the Secretariat General of the Supreme Council, in the light of the achievements of the earlier five-year plans .
In a statement, the Supreme Council pointed out that the 9th five-year development plan was prepared in cooperation with the various government departments and with the participation of the private sector.
On the issuance of the Royal Decree No. 1/2016 ratifying the 9th Five-Year Development Plan 2016-2020, the Supreme Council said the 9th five–year plan comes at a significant stage of the development march in the various economic, social and development sectors along with the investment opportunities in the various governorates across the 45 years of the blessed renaissance led by His Majesty Sultan Qaboos bin Said.
Preparation of the estimates of the 9th five-year plan has taken into account the actual financial condition and performance during 2014 and 2015.
The statement said that the performance of the 8th five-year development plan was good despite the reduction in global crude prices from mid-2014 and the slowdown in economic growth.
Non-oil activities have grown at the rate of 7.2 per cent compared to 0.6 per cent for the oil-based activities. This looks good and shall mean that the Omani economy is moving towards diversification of economy. The years of the 8th five-year plan have seen low inflation rates and an appreciable increase in employment of citizens and an increase in their wages.
The statement added that Oman has succeeded in achieving the objectives of the 8th five-year plan.
as can be seen in the increase of GDP and the reduction in inflation rate.
The statement said that the preparations for the 9th five –year development plan have taken into account the Royal Directives of His Majesty the Sultan on top of which comes the necessity that the future government plans shall focus on the social development mainly in terms of further improvement of the living conditions of citizens and creation of job opportunities, raining programmes among other aspects.