Riyadh’s Finance Minister Highlights Geopolitical Threats to Global Economy
During a panel discussion at the World Economic Forum meeting in Riyadh, Saudi Arabia’s finance minister, Mohammed Al-Jadaan, emphasized that geopolitical threats, such as conflicts in Gaza and Ukraine, pose the greatest risk to the global economy.
Al-Jadaan warned that the knock-on effects of conflict are directly impacting economies, with tensions bringing about economic emotions that put pressure on economies.
He stressed the importance of deescalating conflicts to prevent loss of civilian lives and ensure economic stability.
Saudi Arabia’s Efforts to Deescalate Tensions in the Middle East
Al-Jadaan highlighted the Kingdom’s efforts to deescalate tensions in the Middle East, emphasizing a focus on people, growth, and economy rather than politics and conflict.
He described the conflict in Gaza, which has resulted in significant civilian casualties, as a tragic situation that must be addressed promptly to prevent further loss of lives.
Adverse Effects of Geopolitical Maneuvering on Global Economy
The Saudi finance minister warned against geopolitical maneuvering, fragmentation, protectionism, and using the economy as a tool for achieving political objectives, as these actions could have adverse effects on global economic health.
He emphasized the importance of policymakers being agile in dealing with these challenges to ensure economic stability and growth.
Focus on Long-Term Planning and Human Capital Development
Al-Jadaan encouraged economic planning that is adaptable to new circumstances and emphasized the importance of focusing on long-term strategies, such as Saudi Vision 2030, and investing in human capital development for sustainable growth.
He expressed confidence in Saudi Arabia’s ability to provide quality education and healthcare for its people, emphasizing the critical role of human capital in long-term economic success.
World Economic Forum’s Special Meeting on Global Collaboration
The World Economic Forum’s Special Meeting in Riyadh aims to promote forward-thinking approaches to interconnected crises, bridge the North-South divide on economic policies, and address issues related to the energy transition and geopolitical shocks.
With officials, experts, and thought leaders from 92 countries in attendance, the event focuses on collaboration, growth, and energy development for sustainable global progress.