Saudi economy has become more internationally connected: IMF

The Kingdom of Saudi Arabia's flag

Jihad Azour is the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), said that Saudi Arabia's economy has recently become more internationally connected.

During a dialogue session organized by SRMG Think on the sidelines of the World Economic Forum, Azour explained that Saudi Arabia's membership in the G20 and Mohammed Al-Jadaan's chairmanship of the International Monetary and Financial Committee (IMFC), pose opportunities that will enable the Saudi economy to play a role in international affairs.

He added that this will help accelerate reforms to make the Saudi economy more productive, competitive, and reliable through revenue diversification. He pointed out that revenue diversification is progressing, but there are some reforms yet to be implemented.

Saudi Arabia is an important partner to the IMF and plays a crucial role in activating international cooperation. The Kingdom's support for regional countries is very important, whether through direct support or through international institutions and development banks, Azour added.

He also noted the significant progress in implementing economic diversification programs in GCC countries, where structural reforms have enabled them to effectively manage economic challenges. The COVID-19 pandemic was the ultimate test for these changes; while countries around the world were striving to preserve lives, the region managed to maintain its economic growth.

He pointed out that the region's economies have surpassed this and are currently competing globally as global growth accelerates. Investments in climate change-related technology and artificial intelligence are on the rise, leading to success and development, driving rapid economic growth in the region.

There is a great ambition in the region regarding global cooperation and integration, with agreements being signed with China, India, Africa, and Central Asia, opening up opportunities for new markets and attracting investors and talents.

He stressed the importance of GCC unity in finance, labor, and talent attraction, which will create more opportunities for investors and cooperation in the technological field, ultimately increasing productivity in the Saudi and regional economies and making the region more competitive globally.