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Emerging as a Leading Force: How Saudi Arabia Promises to Build a Global Sustainable Economy


Sep 10, 2023

Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, emphasized that under the leadership of King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Kingdom of Saudi Arabia is a prominent global player. The Kingdom is actively involved in international efforts to achieve global economic stability, development, and sustainable growth. Speaking about the Kingdom’s participation in the G20 Summit, the minister highlighted its influential role in shaping a global economic order that promotes sustainable growth and protects the interests of all nations. He further emphasized the Kingdom’s economic importance and its key role in shaping global economic policies.

The minister provided an overview of the Kingdom’s economic performance, stating that non-oil activities grew by 6.1% in the second quarter of the current year compared to the same period last year. This growth confirms the success of Saudi Arabia’s efforts to diversify its economy. The minister also noted that the Saudi economy achieved a growth rate of 8.7% in 2022, the fastest among G20 countries, surpassing international expectations.

The minister highlighted the Kingdom’s improvements in global competitiveness indicators, ranking 17th among the world’s most competitive economies. He mentioned that Saudi Arabia secured top positions in various indicators, reflecting the ongoing transformation journey undertaken by the Kingdom.

The minister underlined the significance of the G20 Summit, as it brings together countries that represent two-thirds of the world’s population and 85% of the global economy. The summit addresses issues that profoundly impact the global economy and aims to deepen international cooperation and create a conducive environment for achieving common interests. It also reviews the progress in implementing the 2030 Sustainable Development Goals (SDGs) and addresses common challenges.

The minister emphasized the Kingdom’s commitment to finding solutions to global challenges and aligning the SDGs with the requirements of rapid growth. He expressed confidence in overcoming economic challenges and building a more resilient global economy through diligent work with G20 partners.

In conclusion, the minister highlighted that G20 countries’ cooperation extends beyond economic and developmental fields. It also aims to find innovative solutions for environmental, health, and social development issues, empower individuals and communities, and promote innovation and digitalization. The minister emphasized that the Saudi Vision 2030 echoes these goals, establishing the Kingdom as a promising and influential model on the global stage.

By Editor

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