Economic Diversification
Vision 2040 to Secure Developed Nation Status for Oman
O
man’s ambitious Vision 2040 strategy, first unveiled last year, seeks to catapult the Sultanate into the ranks of the world’s most ‘developed nations’, a top government official said.
Dr Yousuf Hamad al Balushi, Chief Economist of the Vision 2040 taskforce, said the blueprint targets economic growth of around 5 per cent annually over the 2021 — 2040 timeframe. This compares with average growth of 7.5 per cent during the 1970 – 1995 period, and corresponding average estimated growth of 3.5 per cent during the 1995 – 2020 span.
“We would like Oman to rank among the most developed nations of the world, and in order to achieve this goal, we need to be advanced economically, socially, environmentally, and in all of the different aspects of development. We strongly believe that Oman has what it takes to get there,” Dr Al Balushi remarked.
Dr. Yousuf Hamad al Balushi, Chief Economist of the Vision 2040
Speaking at the Oman E-commerce Conference 2019, at the Oman Convention and Exhibition Centre, he said the Vision 2040 strategy represents the essence of a four-year-long exercise during which the task force reached out to an estimated 40,000 Omanis — young and old — as well as entrepreneurs, business persons, experts and professionals.
The conference provided an opportunity for participants to exchange ideas and practices in the aspects of sustainable development, and acted as a platform to highlight efforts in preparing Oman’s future 2040 vision.
Oman in Focus 22
