Saudi Arabia’s Economic Growth Surpasses 15% Since Vision 2030 Launch
In a panel at the Qatar Economic Forum, Saudi Finance Minister Mohammed Al-Jadaan highlighted the Kingdom’s economic performance, with gross domestic product increasing by more than 15% since the initiation of Vision 2030.
Optimizing Strategies to Prevent Economic Leakage
Al-Jadaan urged economic planners to optimize their strategies to prevent economic leakage and wastage of resources. He emphasized the importance of adopting prudent fiscal policies to avoid increased costs and inflation.
Saudi Arabia Leading the Gulf Region’s Economic Reshaping
Based on the Kingdom’s economic performance, Al-Jadaan stated that Saudi Arabia is in a position to reshape the Gulf region’s overall economy. He highlighted the shift towards a sustainable and diversified economy that supports the private sector.
Significant Increase in Non-Oil Revenues
Al-Jadaan noted the remarkable growth in Saudi Arabia’s non-oil revenues, which have increased from 10% to 37% in the past seven years. He emphasized the importance of Vision 2030 in driving economic reforms and reducing dependency on oil.
Importance of Allowing Reforms Time to Benefit Saudi Economy
Al-Jadaan stressed the need to give reforms more time to benefit the Saudi economy, allowing the private sector to grow alongside major projects. He warned against importing excessive goods and services instead of supporting local industries.
Resilience and Economic Development in the GCC
Muhammad Sulaiman Al-Jasser, chairman of the Islamic Development Bank Group, highlighted the importance of resilience in driving economic development in the Gulf Cooperation Council (GCC) countries. He emphasized the region’s belief in its own abilities and the collective efforts towards economic resilience.
Qatar Economic Forum Spotlights Gulf’s Rising Prominence
The 4th Qatar Economic Forum aims to explore global boardroom conversations and highlight the increasing prominence of the Gulf region in the global economy.