Riyadh: Minister of Finance Mohammed bin Abdullah Al-Jadaan remarked on the various economic shocks witnessed globally over the past four years. He commended the Kingdom of Saudi Arabia’s strategic long-term planning to address these shocks, emphasizing the importance of flexibility in economic plans to adapt to changing circumstances.

Al-Jadaan made these remarks during his participation in the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development.

During the session, Al-Jadaan discussed the impact of COVID-19 on global supply chains, resulting in inflation rates, and the repercussions of rising interest rates. He emphasized that geopolitical risks pose significant threats to the global economy, underscoring that these risks extend beyond mere geopolitical situations and are intricately linked to underlying tensions causing such situations.

He said: “The Kingdom’s contribution in terms of aid and support surpasses the gross domestic product of the global ec
onomy, and this is extremely crucial in the overall picture. The Kingdom is taking essential measures to support its citizens, developing a framework that began with effective policies, and ensuring that the budget is moving in the right direction and at a sufficient pace.”

Furthermore, he elaborated that the Kingdom’s Vision 2030 focuses on building the capabilities of the private sector and enhancing its empowerment. The government’s role is to create adequate policies to empower the private sector. He expressed confidence in the outcome of the vision.

Source: Saudi Press Agency