Alibrahim: Saudi Arabia’s economy to grow 4% in 2024
Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim says the country’s economy is forecast to grow 4 percent this year on the back of sustained increases in non-oil economic activities. Speaking with CNBC Africa at the World Economic Forum in Davos, he says the kingdom is leveraging Vision 2030 to create more growth opportunities while highlighting a strategy is underway to enhance relations with African countries.
Thu, 18 Jan 2024 13:31:41 GMT
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AI Generated Summary
- Saudi Arabia's economy poised for 4% growth in 2024 driven by non-oil activities.
- Vision 2030 accelerates economic diversification and attracts global investors.
- Focus on strengthening partnerships, enhancing trade agreements, and engaging with African countries.
Saudi Arabia's Minister of Economy and Planning, Faisal Alibrahim, shed light on the kingdom's economic prospects during an interview with CNBC Africa at the World Economic Forum in Davos. Alibrahim expressed optimism about Saudi Arabia's economy, forecasting a 4% growth in 2024, fueled by sustained increases in non-oil economic activities. Leveraging Vision 2030, a comprehensive plan aimed at economic diversification and social transformation, the kingdom is creating more growth opportunities and strengthening its partnerships with global investors. Alibrahim emphasized the importance of engagement with global partners to share insights and learn from successes and challenges as Saudi Arabia undergoes a significant transformation. The minister highlighted the dynamism and attractiveness of Saudi Arabia as a global capital for opportunities and a platform for growth. He pointed out the acceleration of economic diversification as key to unlocking new investment prospects and fostering innovation.
Alibrahim underscored the robust momentum in non-oil economic growth, with the Saudi economy growing by 20% since 2016, outpacing the EU and the U.S. with significant progress in diversification plans. In 2022, Saudi Arabia emerged as the fastest-growing G20 economy at 8.7% growth, with non-oil activities driving a substantial part of the expansion. Looking ahead to 2024, Alibrahim projected a 4% economic growth, with non-oil activities expected to grow between 4.5% and 5%, indicating continued strong momentum in the kingdom's economy.
Discussing trade agreements, Alibrahim emphasized the importance of FTAs to enhance Saudi Arabia's engagement with global markets and support the export competitiveness of its industrial sector. The minister highlighted ongoing efforts to strengthen collaboration with African countries, transitioning from security and political coordination to trade, investments, and technical assistance. Alibrahim outlined a strategy to deepen relations with African nations, aiming to foster mutual growth and exchange of expertise.
In conclusion, Alibrahim addressed the invitation extended to Saudi Arabia to join BRICS+, a multilateral platform, emphasizing the kingdom's commitment to engaging constructively with various international organizations and advocating for reforms. While navigating global challenges and uncertainties, Saudi Arabia remains focused on realizing the goals of Vision 2030 and fostering a resilient and prosperous economy for the benefit of its citizens and regional partners.
