Council of Economic and Development Affairs met online, thoroughly examined reports, presentations
Jeddah, August 20, 2023, The Council of Economic and Development Affairs recently met online. During the Council's recent meeting, various reports, presentations, and topics were thoroughly examined. One of the highlights was the Ministry of Economy and Planning's quarterly economic and development report. This comprehensive report delved into the local and global economic performance, analyzing key indicators of the national economy. It highlighted the remarkable growth experienced across multiple sectors and activities during the previous period. Additionally, the report provided future growth forecasts for the local economy. Notably, the Council commended the Kingdom's consistent positive economic growth rates and the significant decrease in inflation rates, which now stand at 2.7%. During the presentation, attendees were provided with a thorough examination of the global economic landscape over the past few years. The speaker delved into the latest developments and offered an insightful analysis of the key indicators that have shaped the current state of affairs. During the Council's recent meeting, the focus was on the quarterly report presented by the Ministry of Finance regarding the state's general budget performance for the fiscal year 2023. The discussions revolved around the Kingdom's efforts to tackle economic challenges and changes by implementing a range of ambitious measures and economic reforms. These initiatives are aimed at realizing the strategic goals outlined in Saudi Arabia's Vision 2030. In a remarkable achievement, the programs under the visionary plan have played a pivotal role in driving the expansion of non-oil economic activities. The latest figures reveal a substantial growth of 13%, with a staggering SAR 135.1 billion recorded during the current period. This significant increase stands in stark contrast to the SAR 120 billion reported during the corresponding period last year. The Council has made crucial decisions and provided important recommendations.