Saudi Economy Minister Discusses Global Growth and Vision 2030
At the World Economic Forum in Davos, Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, addressed the Kingdom’s approach to evolving US economic policies and their potential impact on global trade.
In response to questions about US President Donald Trump’s focus on maximizing oil and gas production, Alibrahim emphasized Saudi Arabia’s integration into the global economy. He noted that understanding the new US administration’s economic stance would take time, but Saudi Arabia remains committed to dialogue and mutual benefits.
Highlighting the importance of regional economic integration, Alibrahim underscored the need for bilateral agreements to ensure the smooth flow of trade. He anticipated that it might take up to a year to fully gauge the impact of US policy changes on the global economy.
The discussion also touched on global growth projections, with panelists noting a decrease to 3.3 percent by 2025. Alibrahim suggested that strengthening social capabilities and investing in human capital are key to boosting growth.
He pointed to Saudi Arabia’s Vision 2030 as a strategic initiative to diversify the economy, enhance global partnerships, and bolster the private sector. This vision aims to restructure the economy for resilience and sustainable growth.