MUSCAT : The announcement comes as Oman continues to implement fiscal reforms aimed at stabilizing its economy and expanding revenue sources beyond oil, which still accounts for nearly 70 percent of total government income.
His Excellency Dr. Said bin Mohammed Al Saqri, Minister of Economy, said the latest rating reflects the “success of the financial and economic policies adopted by the government” since the launch of the Tenth Five-Year Development Plan (2021–2025). “This has had a positive impact on the growth of various economic activities, the labor market, and foreign investment,” he told the Oman News Agency.
Looking ahead, the Ministry of Economy expects the Eleventh Five-Year Development Plan (2026–2030) to deliver an average growth rate of 3.5 percent, with the current plan on track to achieve its targeted growth rate by the end of this year.
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The minister emphasized Oman’s progress in diversifying its economy, noting that non-oil activities have grown by an average of 4.1 percent between 2021 and 2024, compared to just 2.3 percent growth in oil activities during the same period. He added that this momentum highlights the government’s determination to reduce reliance on hydrocarbons and strengthen other sectors.
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