Written by 23:45 News, Saudi Arabia

According to the Economy Minister, Saudi Arabia’s Non-Oil Economy is Growing Steadily

According to the Economy Minister, Saudi Arabia's Non-Oil Economy is Growing Steadily

DAVOS: In Davos on Friday, Saudi Minister of Economy and Planning Faisal Alibrahim stated that the country’s non-oil economy is expanding steadily. Alibrahim urged action-oriented leadership in international economies, citing Saudi Vision 2030 as an example of a successful initiative with audacious leadership that created answers to economic issues. A long-term initiative to reform the economy is called Vision 2030. We are concerned about the non-oil sector, which for the first time now accounts for 52% of the GDP,” he stated.

According to Alibrahim, the Kingdom’s non-oil economy is predicted to rise by 3.9% by the end of 2024. He went on to state that growth was expected to reach 4.8 percent in 2025 and 6.2 percent in 2026. Regarding the long-standing partnership between the US and the Kingdom, Alibrahim made a statement.

Saudi Arabia’s stance is to maintain solid alliances with all of its friends and partners. Tariffs have been employed as an economic instrument when they are time-bound and objective. “Local industries can start by creating a competitive environment with the help of tariffs,” he said.

The International Monetary Fund’s managing director, Kristalina Georgieva, stated that Saudi Arabia had the appropriate approach to tariffs. “There is more trade between nations that share similar political views. However, the best-performing nations are those who are friendly with everyone, Georgieva stated.

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