Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, confirmed that the process of economic transformation adopted by the Government of the Kingdom is ongoing and that the positive results achieved so far are in line with The directives of the Guardian of the Two Holy Mosques confirm the success of targeted economic and financial reforms. Promote inclusive economic growth and strengthen the financial position of the Kingdom to ensure financial sustainability on the path to a dynamic society, a prosperous economy and an ambitious nation. .
The Crown Prince said that the government intends in the 2023 budget to prioritize spending on capital projects in line with regional and sectoral strategies, in line with the goals of the Kingdom’s Vision 2030 and national directions, and that it continues to implement programs and projects with economic and social returns, in addition to supporting economic diversification and enabling the private sector to improve the business environment by overcoming obstacles; Make it attractive and boost economic growth next year and over the medium term.
He said that the economic recovery, financial control initiatives and policies, and the development and effectiveness of public financial management contributed to achieving the budget surplus while maintaining the achievement of the main vision targets, as the surplus is expected to reach approximately 2.6. % of GDP in 2022. He stressed that the surplus achieved in the budget will be used to strengthen state reserves, support national funds and strengthen the financial position of the Kingdom to increase its ability to withstand global shocks and crises.
The Crown Prince confirmed that the possibility of accelerating the implementation of some priority strategic programs and projects is currently being considered, explaining that the economic and structural reforms carried out since the launch of the Kingdom’s Vision 2030 have contributed to the improvement of financial and economic performance. , and promoting the process of economic diversification and financial stability, as the kingdom reached the end of the third quarter of 2022 AD, the high real GDP growth rate was about 10.2%, and this was clearly reflected in the growth of many economic activities and various sectors, not related to oil, recording a growth rate of 5.8%, and is expected to reach 8.5% GDP growth by the end of this year.
He said: “This growth has also been reflected in the creation of more jobs, which helped to reduce the unemployment rate among citizens to 9.7% in the second quarter of 2022 AD, which is the lowest level in the last twenty years. pointing out that more than 2.2 million citizens work in the private sector, the highest figure in history, and he also praised the increase in women’s participation in economic life from 17.7% to 35.6%.
The Crown Prince also reaffirmed that the Saudi citizen is the greatest asset that the Kingdom of Saudi Arabia has to succeed, as the role of the citizen is key to inclusive and sustainable economic development and directly contributes to achieving achievements and moving forward in various promising areas. fields and sectors. He explained that the government continues its efforts to strengthen the system of social support and protection of citizens, given its importance in ensuring a decent standard of living for all citizens, especially for low-income segments of the population. Pointing out that all vision programs are aimed at improving the quality of life of citizens, including expanding employment opportunities and increasing income levels, as well as developing urban infrastructure and providing all services in accordance with the highest international standards.
He noted that the 2023 budget is a continuation of the goals of the Kingdom’s Strategy 2030 as it focuses on the accelerated results phase. The government has been able to implement many supportive initiatives and structural reforms to ensure economic transformation. and involve the private sector in the transformation process by explaining that the revision and updating of strategies and programs. Initiatives and procedures are carried out periodically to ensure their effectiveness and to adjust their course whenever the need arises.
He stated that the government, in addition to spending in general, is implementing a number of major initiatives that will help strengthen the role of the private sector and attract foreign investment that will help realize the aspirations and aspirations of the Kingdom of Vision 2030, based on the powers that God has bestowed on this country. Thanks to the outstanding strategic position, innovative investment power and Arab and Islamic depth. He referred to the launch of the National Global Supply Chain Initiative, which cements the Kingdom’s role as a key link to improve the efficiency of global supply chains, which will help overcome problems affecting the efficiency and growth of the global economy, and stressed that the Kingdom will continue over the next year, as well as in the medium and long term to increase the attractiveness of the Kingdom’s economy, which is the basis for domestic and foreign investment, as well as diversifying the economy through the development of promising sectors.
He also noted that the Kingdom’s Vision 2030 aims to carry out large-scale reforms in various areas, and the existence of a vital and sustainable industrial sector that can compete and rely on exports allows it to achieve its goals. strategy for the industry, which aims to develop the industrial business environment, diversify its base and strengthen the Kingdom’s international trade, expand the access of national exports to world markets, develop and promote innovation and knowledge, and the strategy is expected to achieve a huge positive impact on the economy Kingdom as it has identified more than 800 investment opportunities worth one trillion rials and is working to double the value of industrial exports to 557 billion rials and the value of additional investment in the sector reaches 1.3 trillion rials. , as well as increasing the export of advanced technical products by about 6 times, in addition to creating tens of thousands of valuable quality jobs.
The Crown Prince touched upon the important role and efforts made by the Kingdom in the pursuit of its food security with its early approach, which has succeeded and excelled at a time of geopolitical tensions and the attendant consequences and pressures on food security in all countries of the world. Food conditions at home during this period when the world is experiencing a shortage of food supplies as a result of geopolitical conditions, the effects of climate change and water scarcity.
Concluding his remarks, Prince Mohammed bin Salman noted that the government’s success in addressing the risks associated with geopolitical changes and limiting their economic and social impacts proves the strength of the Kingdom’s economy in the face of pressing challenges. He also underscored the Kingdom’s pioneering role in stabilizing energy markets as part of efforts to promote stability and growth in the global and domestic economy.