Riyadh, October 25, 2023, Minister of Finance, Mohammed Al-Jadaan, highlighted the Kingdom's commitment to diversifying its economy beyond the oil sector, emphasizing the robust growth of its non-oil GDP. Speaking at the 7th Future Investment Initiative conference during a panel discussion titled "Compass Point: Is Democracy in Peril?" Al-Jadaan also emphasized the Kingdom's strong ties with the US and China, its largest economic partner. He pointed out that trade restrictions have global consequences, particularly for countries with limited incomes, and the Kingdom is actively collaborating with other nations and institutions to enhance relations and cooperation in relevant sectors.
Saudi Vision 2030, according to Al-Jadaan, remains steadfast in its focus on economic diversification and generating non-oil revenues. He highlighted that the non-oil GDP has continued to rise, with a notable 6% increase in the last quarter of the year, with further growth expected in the coming year.
Al-Jadaan also addressed the global issue of inflation, particularly impacting low-income countries, where sovereign interest rates have soared above 10%. He described the need for such economies to grow by over 10% to compensate, a daunting challenge.
Praising the outcomes of this year's World Bank Group and IMF meeting in Marrakesh, Al-Jadaan noted the agreement to increase IMF capital by 10% and explore greater participation from the African continent in the IMF Executive Board.
The panel discussion participants stressed the importance of transitioning to a low-carbon, clean economy and undertaking new public sector projects in partnership with multilateral institutions. They emphasized the significance of controlling inflation, implementing economic reforms, and achieving moderate growth levels to attract investors and promote sustainability.
