Saudi Finance Minister Muhammad Al-Jadaan stated that inflation in Saudi Arabia will fall in 2023 as a result of our proactive measures.
Al-Jadaan stated on Wednesday at the World Economic Forum in Davos, Switzerland, that Saudi Arabia was among the first to predict the global inflation crisis, and that it was dealt with promptly.
- “We saw signs of inflation in July 2021, and we took many measures to protect the Saudi economy from the consequences of inflation, such as freezing local energy prices, which contributed to average inflation in the Kingdom reaching 2.6% in 2022, at a time when it reached more than 8% globally,” Al-Jadaan said.
“The importance of Vision 2030 lies in its long-term time frame for implementing plans and investments in Saudi Arabia, which has made a difference in the way we dealt with global crises over the last three years,” he added.
“We invested a lot in the field of technology, as we succeeded with the Covid crisis in quickly moving to virtual work in many sectors and government services, such as health, education, and others,” he continued.
According to the Saudi Finance Minister, the Kingdom is changing the way it provides aid to its allies by providing direct grants and deposits with no strings attached.
“We used to provide grants and direct aid without conditions, and we are changing that, and we are urging the region’s countries to implement reforms,” he added.
According to Saudi Finance Minister Mohammed Al-Jadaan, China is “very significant to Saudi Arabia” and its largest trading partner, but “the US is also a very significant and strategic partner.”
“Our goal is to build bridges and be a communication force, and we encourage communication, whether it is with China, the US, or others,” he added.