The Shura Council welcomed Dr. Said Mohammed Al Saqri, Minister of Economy, who provided an update on Oman's economic progress and future prospects during its 5th regular session of the Tenth Term's first annual meeting.
Dr. Al Saqri highlighted three key areas: assessing economic diversification progress up to the middle of the current five-year plan, evaluating microeconomic performance during the same period, and discussing the Ministry of Economy's role in addressing regional and international economic changes.
He emphasized that economic and financial indicators indicate that Oman's economy has transitioned from the recovery phase post-pandemic to a growth phase, achieving significant growth rates due to effective policies and improved oil prices.
Dr. Al Saqri noted that from 2021 to 2023, the economy witnessed rapid advancements, with oil prices rising by 2.6 percent and 9.6 percent in the first two years of the current Five-Year Plan. The outlook for the remainder of the Tenth Five-Year Plan remains optimistic.
Furthermore, he highlighted that proactive government interventions have shielded the Omani economy from inflation, maintaining it within safe boundaries despite global inflation rates averaging around 6 percent in 2023. Oman's inflation rate has not exceeded one percent during this period.
The minister emphasized the importance of increasing the number of Omani workers in the private sector through a combination of youth training, education, and flexible employment terms.
During 2021, a total of 21,062 Omanis secured jobs, surpassing the annual target set in the plan. In the following year, this number increased to 28,029 workers, demonstrating significant progress.
Both years of the plan witnessed an increase in spending on the developmental budget. Actual spending in 2021 reached approximately OMR1,192.0 million, while in 2022 it rose to about OMR1,306 million.
Projections indicate that the actual spending on the developmental budget in 2023 will be around OMR1,200 million, highlighting the commitment to allocate financial resources for economic, social development projects, and other key priorities.
Al Saqri highlighted the collaborative efforts of the Ministry of Economy with various government entities to enhance Oman's performance in international indices. This involves focusing on improving the Sultanate's standing in international indicators outlined in the Oman Vision 2040 document and tracking progress towards sustainable development goals 2030.
The minister highlighted that the Ministry of Economy is actively monitoring various factors in order to better prepare for the 11th Five Year Plan (2026-2030). These factors include economic developments in the global geopolitical arena, trends in the energy sector, the increasing focus on environmental sustainability such as zero neutrality and green hydrogen, integration with technological advancements, artificial intelligence, environmental challenges, and climate change.
The minister emphasized that the Ministry of Economy is dedicated to monitoring global economic variables and their impact on the Omani economy. It takes careful measures to ensure the implementation of effective economic policies that can effectively address all global variables. This includes implementing measures to achieve competitive, diversified, sustainable, and comprehensive economic growth. The Ministry achieves this by analyzing current realities and anticipating future developments.
