SCP discusses five-year plan with World Bank officials

Muscat: The Supreme Council of Planning (SCP) met with representatives of the World Bank on Sunday to discuss Oman’s Tenth Five-Year-Plan, which is set to last from 2021 until 2025.
This plan will be the first step to begin implementing Oman’s Vision 2040, for which the Sultanate has said it would include more local input, hire more Omanis, and grow Oman’s economy. The contribution of non-oil revenue sources to the economy grew by 34 per cent in November 2018.
A statement by the SCP read, “Within the framework of activating technical cooperation, the General Secretariat of the Supreme Council of Planning has met with the World Bank in order to discuss World Bank contributions in the Tenth Five-Year-Plan.”
The council recently reviewed economic developments which showed promise of growth, not just for Oman’s economy in general, but also in terms of non-oil revenue.
During the final quarter of 2018, Oman’s GDP increased by 12 per cent, non-oil revenue contribution increased by 2.9 per cent, and revenue from non-oil exports increased by 34 per cent.
Last week, the SCP held its second meeting of 2019, chaired by Dr. Ali bin Masoud Al Sunaidi,, Minister of Commerce and Industry and vice-chair of the council, during which the council “reviewed Oman’s Economic Performance Report, and the local and global economic situation.”
According to the SCP, “The GDP exceeded OMR30 billion at current prices by the end of 2018 despite the decrease in oil prices, thanks to the government’s strategies during the first four years of the Ninth Five-Year-Development Plan and the Tanfeedh programme, as well as the public and private investments geared towards lowering dependency on oil revenues to finance productive projects.
“The report showed that GDP increased by 12 per cent during the final quarter of 2018, and that non-oil revenue contribution to the GDP grew by 2.9 per cent, and that non-oil exports increased by 34 per cent at the end of November 2018.”