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  • Steve Halor

Minister of Economy and Planning praised Saudi Arabia as a global powerhouse

In a recent statement, Minister of Economy and Planning Faisal bin Fadhil Alibrahim emphasized the Kingdom's emergence as a formidable global force. Under the guidance of the esteemed Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the esteemed Crown Prince and Prime Minister, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Arabia has assumed a pivotal role in international endeavors to foster economic stability, promote development, and ensure sustainable growth on a global scale. In a statement to the Saudi Press Agency (SPA), the minister expressed his thoughts on the Kingdom's involvement in the G20 Summit, a significant two-day event that commenced in New Delhi on Saturday. He emphasized the influential role played by Saudi Arabia in shaping a global economic framework that aligns with the G20's objective of fostering sustainable growth while ensuring the protection of all nations' interests. In a recent statement, he emphasized the significance of the Kingdom's inclusion in the G20, citing it as evidence of its economic significance and influential position in shaping worldwide economic strategies. He further underscored the Kingdom's remarkable achievements in both the developmental and economic spheres. In a recent statement, the minister shed light on the impressive economic and financial strides made by the Kingdom. According to the minister, non-oil activities experienced a remarkable growth rate of 6.1% in the second quarter of this year, surpassing the figures recorded during the corresponding period in the previous year. This development serves as a testament to the triumph of Saudi Arabia's ongoing endeavors to diversify its economy. In a statement made by the individual, it was revealed that the Saudi economy has experienced a remarkable growth rate of 8.7% in the year 2022. This growth rate has positioned Saudi Arabia as the fastest-growing economy among the G20 nations, surpassing the initial estimations of international organizations. These organizations had previously projected a maximum growth rate of 8.3%, highlighting the impressive performance of the Saudi economy. In a recent announcement, the minister proudly declared that the Kingdom has made significant strides in global competitiveness indicators. According to the esteemed annual Global Competitiveness Report by the World Competitiveness Center (WCC) of the International Institute for Management Development (IMD), the Kingdom now holds an impressive 17th position among the world's top 64 competitive economies. This achievement highlights the Kingdom's commitment to enhancing its global standing and fostering a thriving economic environment. In a statement, he highlighted that Saudi Arabia has achieved a remarkable feat by securing the top three positions in 23 indicators as outlined in the report. This outstanding performance not only showcases the Kingdom's ongoing transformation journey but also positions it ahead of other global indicators. The Kingdom's participation in the G20 Summit is a testament to its significant and influential position, both regionally and internationally. The G20 countries, comprising a significant portion of the global community, are responsible for a staggering two-thirds of the world's population. This influential group also commands a remarkable 85% of the global economy, making their collective economic power truly formidable. Moreover, their impact on international trade is undeniable, as they contribute a staggering 75% to the overall volume of global trade. According to the minister, the summit holds great importance as it serves as a prominent international economic platform that tackles crucial issues with far-reaching consequences for the global economy. In addition, he emphasized that the primary focus of the summit's agenda is to foster stronger global collaboration and establish a favorable atmosphere for the attainment of shared objectives. In a recent statement, the minister highlighted the significance of meetings that assess the advancements made in the implementation of the 2030 Sustainable Development Goals (SDGs). These gatherings aim to carefully consider the economic development requirements of developing nations. In a statement, the individual highlighted the importance of responsibly tackling emerging issues and addressing common challenges. They emphasized their commitment to contributing to the development of ambitious and integrated global communities. In a recent statement, the minister emphasized the Kingdom's commitment to fostering consensus in order to tackle pressing global challenges. The Kingdom has been actively advocating for the establishment of a comprehensive framework that effectively aligns the Sustainable Development Goals (SDGs) with the demands of rapid growth. In a resolute statement, he underscored, "With unwavering dedication and in close collaboration with our esteemed counterparts in the G20, we remain steadfast in our belief that we shall triumph over the formidable obstacles confronting the global economy. Our collective efforts shall pave the way for a fortified global economic landscape, capable of withstanding any unforeseen adversities that may lie ahead." In his concluding remarks, he emphasized that the scope of international cooperation among G20 countries extends far beyond economic and developmental coordination. Rather, it also encompasses a commitment to seeking groundbreaking solutions for pressing environmental, health, and social development challenges. Moreover, this collaborative effort aims to empower individuals and communities while simultaneously paving the way for new opportunities in innovation and digitalization. The goals outlined in Saudi Vision 2030 have resonated strongly, positioning the Kingdom as a promising and influential model for global development.

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