The Saudi economy has made great strides since it was established 88 years ago, on the way to asserting its strong position and its strength, especially in the changing atmosphere and vicissitudes of the global economy for more than once in the past 20 years. Financial reports confirm that the Saudi economy remains the most dominant, most superior and most able to grow in the Middle East.
"AlEqtisad", which is issued by Asharqia Chamber, in its latest edition stressed that the changes in the Saudi economy during the past 88 years have been observed in celebration of the national day with a special number on the National Day entitled "The Saudi Economy Overcomes Global Barriers."
AlEqtisad said that the Council of Economic Affairs and Development, led by Crown Prince HRH Prince Mohammed bin Salman, is keen to tackle the imbalance in the economic system.
It said that the decisions adopted by the Council stimulated the self-employment, which represents the real future of the diversified economy, which is based on the arms of his sons. In fact, the Kingdom in the right direction for achieving the strategy of diversifying sources of national income, and away from the dominance of oil on the budget.
It pointed to the recent confirmation of IMF reports that the Kingdom has been transformed in a relatively substantial and relatively rapid manner into a more diversified economy, which will make the Saudi economy stronger and more resilient to the challenges and avoid economic collapse that happened in many countries.
AlEqtisad said that one of the good results of the transformation of the Saudi economy is that the Kingdom has become a permanent member of the largest economic group in the world, the G20.
Its membership in this group has given it considerable political, economic and moral power, because it has made it an influential player in global economic policy-making and an indispensable economic pillar.
The Fitch credit agency has approved the strength of the Saudi economy and has raised the credit rating of the Kingdom to "A +", and looking ahead.
AlEqtisad pointed out that Saudi ratings are strongly supported by the trade and financial situation, including outstanding foreign currency reserves, low public debt, large government assets, and strong commitment to the ambitious economic reform agenda.
The Fitch highly praised the Saudi banking system, as the banking sector in Saudi Arabia classified the banking system index as "A", which was obtained by only four countries in the world.
AlEqtisad said that the balanced approach followed by the Kingdom was able to move away from the dominance of oil, which is the declared goal of modern Saudi finance.
This was confirmed explicitly by the Minister of Finance, Mohammed Al-Jadaan, who stressed that "the pursuit of strong, sustainable and comprehensive economic growth contributes to providing employment opportunities for citizens and strengthening the Kingdom's position through the policy of economic diversification."
He revealed the growth of small and medium enterprises, which increased between 9% and 14% during the past year, while the deficit has decreased as a result of new initiatives and high non-oil exports.
He expected the continuance of the decrease of the budget deficit in the coming years.
