At the World Economic Forum in Davos, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, highlighted the nation’s success in achieving a remarkable return on investment. For every dollar allocated, the country gained $200, doubling its initial target of $100. This achievement is attributed to the economic reforms driven by Vision 2030.
Al-Jadaan emphasized the importance of these reforms in enhancing economic flexibility and success. He referenced the 2017 initiative to improve government spending efficiency, noting that private investment grew by over 44% relative to GDP from 2017 to 2024.
He urged other nations to focus on governmental efficiency, which involves strong cooperation between government and private sectors. He stated that adaptability in goals and strategies is essential for effective governance.
Discussing economic resilience, Al-Jadaan warned that some initiatives might not immediately boost GDP or show spending returns but become valuable during crises. During the coronavirus pandemic, Saudi Arabia’s economy outperformed many others, contracting less and recovering swiftly.
Al-Jadaan also noted the successful mobilization of Saudi society around Vision 2030, particularly in developing human capital. The young, ambitious population has played a crucial role in achieving significant progress, unlike many countries struggling with long-term planning.