Saudi Arabia is a bright spot for global & regional economies: IMF Chief

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), stated that the Kingdom of Saudi Arabia plays an influential role in ensuring energy security.

“When I visited Saudi Arabia, I was amazed at the level of progress achieved by the Kingdom in implementing Vision 2030. It has become a bright spot for the global economy and the economy of the region, and this is happening in difficult times for the global economy,” Georgieva said during a session on the transformation of the Saudi economy at the World Economic Forum (Davos).

“We will continue to face uncertainties because of the war. We don’t know the levels of growth in China, and the battle against inflation is progressing.”

Georgieva highlighted three significant aspects of the Saudi economy, including the importance of Saudi Arabia’s financial policies, and stated, “I am very proud of the participation of women in the workforce, which exceeded the target at 37% instead of the target at 30%.”

The third issue is that the Kingdom is using its wealth to play an active role in energy and food security, as well as addressing the serious debt challenge.

She stated that Saudi Arabia’s economic growth rates are critical to the global economy.

The IMF’s Chief expressed her admiration for what is occurring in Saudi Arabia, saying, “We are very impressed with the way Vision 2030 programs are implemented in Saudi Arabia.”

In terms of the global economy, Georgieva stated that the International Monetary Fund expects it to slow further in 2023.

Georgieva stated that poverty is on the rise again, posing a threat to global security.

The International Monetary Fund’s director confirmed that escalating protectionism will cost the global economy $7 trillion.