RIYADH, SAUDI ARABIA – Saudi Arabia is a promising global powerhouse, carrying out a significant and influential role in international efforts aimed at achieving global economic stability, development, and sustainable growth, said the Kingdom’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim.
He highlighted the contribution of the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, in the economic success of the country.
Commenting on the Kingdom’s participation in the recently concluded G20 Summit, the minister said that the Kingdom is playing an influential role in formulating a global economic order capable of achieving the G20’s goal of promoting sustainable growth while safeguarding the interests of all nations.
He also said that the Kingdom’s membership in the G20 is a testimony of its economic importance and pivotal role in shaping global economic policies, highlighting in this regard the Kingdom’s developmental and economic accomplishments.
The minister clarified that the Kingdom is achieving strong economic and financial performance, with non-oil activities growing by percent6.1 in the second quarter of the current year compared with the same period last year, confirming the success of Saudi Arabia’s economic diversification efforts.
Moreover, he said, the Saudi economy achieved a growth rate of 8.7 percent in 2022, the fastest among G20 countries, surpassing the expectations of international organizations, which had estimated it at a maximum of 8.3 percent.
The minister stated that the Kingdom has achieved crucial improvements in global competitiveness indicators, ranking 17th among the world’s 64 most competitive economies, according to the annual Global Competitiveness Report by the World Competitiveness Center (WCC) of the International Institute for Management Development (IMD).
Additionally, he said that Saudi Arabia secured the top three positions in 23 indicators within the report and topped other global indicators, reflecting the ongoing transformation journey undertaken by the Kingdom.
“The Kingdom’s participation in the G20 Summit embodies its pivotal and influential role on both regional and international fronts. The G20 countries represent two-thirds of the world’s population, encompassing 85 percent of the global economy, and contribute to 75 percent of international trade. Therefore, the summit is one of the most significant international economic platforms addressing issues that have a profound impact on the global economy,” the minister said.
He also pointed out that the summit’s agenda aims to deepen international cooperation and create a conducive environment for achieving common interests. The minister said meetings review the progress in implementing the 2030 Sustainable Development Goals (SDGs) while taking into consideration the economic development needs of developing countries.
This is done by responsibly addressing emerging issues and addressing common challenges, contributing to the development of ambitious and integrated global communities, he noted.
Additionally, the minister stressed that the Kingdom is seeking consensus to find solutions to the global challenges, as it has called for establishing a comprehensive framework that enhances alignment between SDGs and the requirements of rapid growth.
He further emphasized, “Through our diligent work with our partners in the G20, we are confident that we will overcome global economic challenges and emerge with a more resilient global economy to face any future shocks.”
“International cooperation among G20 countries is not limited to coordinating efforts in the economic and developmental fields alone, but it also aims to find innovative solutions to address environmental, health, and social development issues, empower individuals and communities, and open new horizons for innovation and digitalization,” the minister said.
“These goals were echoed through the Saudi Vision 2030, making the Kingdom a promising and influential developmental model on the global stage,” he added.