Saudi Arabia Soars as Global Economic Leader: Top IMF Official Shares Bold Insights
Saudi Arabia is solidifying its position as a global economic powerhouse, a senior International Monetary Fund (IMF) official declared. Jihad Azour, IMF Middle East and Central Asia director, highlighted Saudi Arabia’s leadership role since hosting the 2020 G20 summit, on the sidelines of the AlUla Conference for Emerging Market Economies.
Saudi Leadership in Global Financial Governance
Azour noted the Kingdom now chairs the IMFC, the IMF’s key governmental body overseeing global financial cooperation. Saudi Arabia actively leads global initiatives, including debt relief programs and priority-setting efforts for emerging markets.
Despite global shocks like COVID-19, Saudi Arabia sustained strong growth through economic diversification and robust fiscal policies. Azour credited accelerated economic reforms, including digitalization and infrastructure upgrades, for maintaining high growth amid regional challenges.
Vision 2030 Investments Fuel Prosperity
Increased female workforce participation and strategic infrastructure investments further boosted economic expansion, aligning with Vision 2030 goals. Mega-projects like NEOM and Red Sea developments are driving modernization, fostering long-term prosperity across the Kingdom.
The AlUla Conference aims to deliver actionable strategies for financial stability and sustainable growth in emerging economies. Experts will explore AI’s potential to accelerate development, emphasizing tech-driven solutions for economic resilience.
Discussions will also focus on bridging gaps between emerging and advanced economies to ensure equitable global progress. Strengthened partnerships aim to address shared challenges, from climate action to inclusive digital transformation.
