Tourism takes the back seat in Oman’s new five-year plan

0
898

هذه الصفحة متوفرة بهذه اللغة: العربية

Advertising
2 January 2021

MUSCAT (WAF): Oman will pay less focus to the tourism sector in the 10th five-year plan (2021-2025) while adding the education sector to the main sectors for economic diversification.

The Ministry of Economy announced today the six targeted sectors in the first executive plan of Oman Vision 2040. In addition to education, Oman has set even higher targets to four of the five sectors included in the previous five-year plan. These sectors are manufacturing, transport and logistics, fishery wealth and mining. As for tourism, Oman is setting a lower target of 3% participation in the country’s Gross Domestic Product (GDP), compared to a 3.3% target in the 2016-2020 plan.

Oman’s tourism sector was one of the most affected economic sectors during the year 2020 by the Covid 19 pandemic. The Ministry of Heritage and Tourism estimated the sector’s direct losses at about 500 million Omani Rials until the end of September 2020. The current sector’s participation in GDP is 2.5% according to official data by the Ministry of Economy.

The following table shows the main sectors in the previous five-year plan, the current status, and the targeted GDP participation:

Sector

Targeted %

(2016-2020)

Actual % Targeted %

(2021-2025)

Manufacturing 10 10.8 12.2
Transport & Logistics 6.8 6.4 7.5
Education NA 4.9 6.2
Tourism 3.3 2.5 3
Fishery wealth 0.6 0.9 2
Mining 0.5 0.5 0.7