Minister of Finance Mohammed Al-Jadaan emphasized on Sunday the pivotal role of Vision 2030, which prioritizes the development, improvement, and empowerment of the private sector as integral to the Kingdom’s pursuit of sustainable growth. He expressed considerable satisfaction with the progress made, highlighting that 80% of the vision’s objectives have already been attained. Despite encountering challenges, Al-Jadaan underscored the ongoing need for adjustments and adaptations to projects, alongside the acceleration of others.
During his address at the inaugural session of the World Economic Forum in Riyadh, Al-Jadaan underscored the Kingdom’s significant milestone of achieving a 10% increase in GDP growth last year. While acknowledging the potential for pursuing purely quantitative growth, the emphasis remains on qualitative growth and the imperative to diversify the economy beyond oil dependency.
Al-Jadaan observed that the global landscape has weathered numerous shocks in recent years, prompting a reassessment of economic strategies by nations to fortify their resilience against such uncertainties. He emphasized the importance of flexible, adaptable plans capable of navigating evolving circumstances, with a particular emphasis on long-term foresight.
Affirming the transformative impact of Vision 2030, Al-Jadaan noted its role in shaping the Kingdom’s enduring economic vision and its broader positive implications for regional and international economies and investors. He highlighted the shift in primary economic risks from disruptions in supply chains and interest rate fluctuations to geopolitical instabilities.
Al-Jadaan stressed the paramount importance of prioritizing individual welfare and the cultivation of human capital. He underscored the Kingdom’s unwavering commitment to providing high-quality education and healthcare services, emphasizing the imperative of policy frameworks to address trade and technological challenges.
The Minister highlighted the Kingdom’s substantial contributions to global aid and support, surpassing its Gross Domestic Product, underscoring their pivotal significance on the global stage. Expressing concern over conflicts such as the one in Gaza, Al-Jadaan emphasized the imperative of stability for fostering growth and enhancing living standards, while lamenting the human toll of conflicts worldwide.
Acknowledging the ripple effects of regional conflicts on sentiment and economic dynamics, Al-Jadaan underscored the role of nations and citizens in promoting peace and alleviating tensions. In conclusion, he reiterated the Kingdom’s strategic objectives of mitigating regional conflicts and bolstering institutional capacities, advocating for a people-centric approach to economic development and emphasizing the need for collaborative, multi-stakeholder efforts to aid countries in need.
