10th Five-Year Development Plan (Citizen Guide)

7 A Citizen Guide COVID-19 Pandemic The data released points out that this pandemic may drive the world econ- omy to a state of deep recession as countries around the world adopted unprecedented measures to alleviate the effects of the pandemic including closure of borders, restricting travel, closing business and educational in- stitutions, applying social distancing measures, restrictions on the health system and imposing limitations on finance. Such measures have led to loss of jobs, reduction of per capita income, reduction of human capital and increased uncertainty about the future. Decline in Crude Oil Price The decline has affected various eco- nomic and social sectors. Decline of Economic Activity Increased public debt as a percentage of GDP, downgrading of credit rating, increase in borrowing cost, modest contribution of the private sector to economic activity and increase in the number of layoffs and job seekers. What is the 10th Five-Year Development Plan? The Plan has been developed amidst exceptional local, regional and global circumstances this includes: