Saudi non-oil GDP set to increase further in 2024, says minister
RIYADH
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Saudi Arabia's non-oil GDP remains healthy and continues to rise by up to 6% as seen in the last quarter of the year, reported SPA, citing the kingdom's finance minister.
The Kingdom’s Vision 2030 focuses on diversifying the economy outside the oil sector, and that the Kingdom’s non-oil GDP is growing and continues to be healthy.
With the kingdom focusing on diversifying the economy as per its Vision 2030 goals and acquiring non-oil revenues, it was expected to further increase next year, stated Mohammed Al Jadaan.
He was speaking on the second day of the 7th Future Investment Initiative conference during a panel discussion titled "Compass Point: Is Democracy in Peril?.
Al Jadaan underlined the kingdom’s strong, strategic relations with the US and with China, the latter its largest economic partner.
He pointed out that the increasing trade restrictions have repercussions on countries with limited income, and the kingdom is working with other countries and institutions to move forward toward consolidating relations and cooperation in relevant fields.
"Many countries have been suffering from inflation since 2019, and low-income countries have to pay today more than 10% of the sovereign interest rate, which means that their economies must grow by more than 10% to compensate, 'which is impossible'," he added.
Al Jadaan praised the outcome of this year's meeting of the World Bank Group and the International Monetary Fund (IMF), held in Marrakesh, during which it was agreed to increase the IMF capital by 10%, and consider more participation from the African continent in the IMF Executive Board.
