RIYADH/DUBAI: Saudi Arabia, the nation’s major fuel supplier, will change its Vision 2030 strategy to change its economy as needed, scaling up some projects and accelerating others, its finance minister said on Sunday.
Speaking at the World Economic Forum’s special appointment on Global Collaboration, Growth and Energy for Development in Riyadh, Mohammed Al Jadaan said the village’s emphasis is on ensuring the quality of future economic growth, and recognises that the problems it faces require flexibility.
” There are challenges… we do n’t have ego, we will change course, we will adjust, we will extend some of the projects, we will downscale some of the projects, we will accelerate some of the projects”, Jadaan said.
In accordance with a strategy called Vision 2030, Saudi Arabia is making strides to diversify its business away from crude. It aims to grow the private sector, create jobs, and advance industries like commerce and business.
Non-oil activities significantly outperformed the oil sector’s expansion last year, growing by 4.4 %, while the overall economy decreased by 0.8 % as a result of lower oil prices and production cuts.
Saudi Arabia is projected to grow 2.6 % this time, a decrease from the IMF’s most recent regional view report, on the rear of continued production reductions, according to the IMF.
In the medium term, non-oil growth is anticipated to increase by more than 5 % annually, according to Jadaan in February. However, the country is likely to continue to rely on oil revenue to spur investment in non-oil activities.
Jadaan again stressed the importance of a more active secret business in achieving Vision 2030 on Sunday.
” Vision 2030 is about empowering the private market. The government’s function is to be ceased; the government’s role is to create plans that enable the private business but not to actually conduct business. The Arab World’s largest economy needs fuel at$ 96.2 to compromise its 2024 resources, the IMF estimates.
