Hala Al-Saeed, Minister of Planning and Economic Development, discussed the main features of the 2021-2022 plan of the medium-term sustainable development plan “2019/2018 – 2022/2021” at the Senate Financial, Economic and Investment Affairs Committee.
Al-Saeed pointed to the positive contribution from all sources of economic growth, in addition to the pioneering role of investment in driving growth in the year of the plan.
She added that expectations are that 78% of the growth will come from investment and about 17% from consumption and consumer spending.
With regard to the domestic product at current and constant prices, Al-Saeed explained that it is expected to achieve 7.1 trillion pounds in gross domestic product at current prices in the year of the 2021-2022 plan, with a growth rate of 12%, and 4.3 trillion at constant prices, a growth rate of 5.4%.
Regarding the most prominent sectors that achieve growth, Al-Saeed pointed to the tourism sector, explaining that it is expected to achieve 23.6% growth in the tourism and hotels sector, and that the telecommunications sector is expected to continue to grow, as it is intended to maintain growth at 16% and increase its percentage of output as it represents 2.8% and is targeted in the plan The medium term over the coming years is to reach 5%, and the target for construction and building is 8.1%.
She said that there are seven sectors that contribute about 67% of the targeted economic growth in 2021-2022, which are the sectors of communications, agriculture, real estate activities, wholesale and retail trade, manufacturing industries, construction, construction and oil refining.
On the investments of the 2021-2022 plan, Al-Saeed stressed that there is a boom in investments, where for the first time investments exceeded one trillion pounds to reach 1,250 trillion pounds, an increase of 51%, explaining that the rate of investment will reach the point of 17.6%.
Al-Saeed explained that the total investments include public investments at a rate of 75% with total investments worth 933 billion pounds, a growth rate of 46%, and private investments by 25%, a value of 317 billion pounds, a growth rate of 67%, pointing to an increase in the investments of the government agency by 21% and an 83% increase in Investments by economic agencies and public companies, and a 50% increase in central investments.
Al-Saeed indicated that the per capita share of public investment has increased by 44% in 2021-2022.
She explained that the commodity sectors receive 468 billion pounds, or 37.5% of the total investments, and the productive services sectors have a value of 444 billion pounds, or 35.5%, and the investments of the social and human services sectors amount to 338 billion pounds, 27%.
The article: Minister of Planning: 933 billion pounds for public investments in the 2021-2022 budget was written in the Al-Borsa newspaper.