Crown Prince Highlights Saudi Arabia’s Key Role in Global Economic Stability

KSA, 28 November, 2024 : Crown Prince and Prime Minister Mohammed bin Salman reaffirmed Saudi Arabia’s crucial role in ensuring regional and global economic stability, supported by a resilient economy capable of navigating global challenges. His statement followed the approval of the Kingdom’s 2025 budget, which underscores the progress achieved under Vision 2030 and the leadership of Custodian of the Two Holy Mosques King Salman.

The Crown Prince emphasized the importance of government spending in diversifying the economy by empowering sectors, attracting investments, and boosting non-oil exports, which reached 52% of economic activity in 2024. Unemployment among Saudis fell to a record low of 7.1%, and women’s workforce participation exceeded Vision 2030 targets at 35.4%.

He highlighted the pivotal roles of the Public Investment Fund and the National Development Fund in driving economic stability and comprehensive development. Financial reforms have bolstered Saudi Arabia’s credit ratings and fiscal sustainability, with the 2025 budget reflecting a commitment to sustainable debt levels and flexible spending policies.

Saudi Arabia is projected to achieve 4.6% GDP growth in 2025, ranking second among major global economies. The Crown Prince stressed the focus on transformative spending, private sector empowerment, and infrastructure improvement to ensure economic and social returns.

The 2025 budget also prioritizes regulatory and structural reforms to enhance living standards and sustain economic growth. The Crown Prince reaffirmed the government’s dedication to serving citizens, safeguarding achievements, and driving innovation to achieve Vision 2030’s goals of a vibrant society and thriving economy.