Gov't Aims to Create 900,000 Jobs Annually, Increase Exports to $35 Billion

The Ministry of Planning and Economic Development issued a report on the plan's objectives for the fiscal year 2022/2023, as part of a series of annual reports that review the fiscal year's economic and social development plan.

The Ministry of Planning and Economic Development report indicated that the most important goals of the plan are at the level of macroeconomic variables, and some sectoral variables.

The goals in the field of economic development are to develop the capacity of the labor market, allowing the provision of about 900,000 jobs annually to absorb the excess supply and maintain the unemployment rate.

The plan also seeks to increase the savings rate to about 9.9% in the year 22/2023, and increase in the investment rate to about 15.2%, in addition to an increase in net foreign direct investment flows to about 10 billion dollars in the year of the plan.

The plan’s objectives in the field of economic development, according to the report of the Ministry of Planning and Economic Development, also included the development of non-oil commodity exports with an average annual growth rate of about 10% to rise to $35 billion in the year 22/2023, and the rationalization of import operations so that commodity imports do not exceed $90 billion in the general plan.