Crown Prince says recent reforms positively affected Saudi economy

Crown Prince Mohammed bin Salman said that the government’s economic transformation plan is progressing steadily in accordance with Vision 2030.

Following the Saudi 2020 budget statement, he added that the budget reinforces the Kingdom’s commitment to implement reforms, plans and programs designed to help achieve its strategy.

He also noted that the move entails setting specific goals in different areas to pave the way for creating a vibrant society, prosperous economy and ambitious homeland.

The government is working to improve citizens’ quality of life by developing and diversifying the economy, creating job opportunities and enhancing government services in terms of financial and economic stability - the main pillar of sustainable economic growth, Prince Mohammed added.

The economic and structural reforms implemented during the past three years are having positive effects on the country’s financial and economic performance.

The Kingdom has recently achieved remarkable increases in real Gross Domestic Product (GDP0 growth rates in the non-oil sector. The government has encouraged the private sector play an important role in the economy, the positive results of which include significant growth in the business sector.

It has also implemented a number of mega projects in vital sectors and launched activities that will help achieve economic growth goals and create job opportunities, he said.

Prince Mohammed also stressed the importance of engaging with the private sector as a major and vital partner for the development of the Kingdom.

The government reform program is designed to develop the business sector and create an attractive environment for investors to contribute to economic growth. This has helped to greatly boost the Kingdom’s ranking on international indexes that measure competitiveness and ease of doing business, he added.

“We aim to create an attractive investment environment that contributes to directing the national economy toward broad prospects of diversification, growth and prosperity,” Prince Mohammed noted.

“The government will continue to move forward with implementing the phases of economic transformation and will progress with diversifying the economy’s productive base while maintaining financial sustainability and providing wider opportunities for a better future for the current and future generations,” the Saudi Crown Prince stated.