RIYADH: Saudi Finance Minister Mohammed Al-Jadaan told a G20 gathering that while the world economy has shown resilience in the face of recent shocks, vulnerabilities have also increased. He advocated stronger economic defences against future disruptions.
According to Al-Jadaan, the first lines of defence against economic shocks include securing alternative manufacturing, maintaining appropriate stockpiles, and ensuring infrastructure has enough spare capacity. In Asheville, North Carolina, he spoke during the “Current Economic Developments” segment of the second G20 Finance Ministers and Central Bank Governors Meeting, which was presided over by the United States. Heads of international financial institutions, representatives of invited nations, and finance ministers and central bank governors from G20 economies attended the summit.
The talks took place amid the need to bolster long-term growth, growing debt vulnerabilities, and ongoing geopolitical uncertainties. Global imbalances, economic development, productivity, and sovereign debt were among the meeting’s top goals according to the US presidency.
During the “Growth” session, Minister Al-Jadaan stressed the importance of strengthening economies’ ability to achieve robust, sustainable growth over the long term, noting that growth constraints vary across economies and change as they grow, according to a ministry statement.
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