Crown Prince expects Saudi economic growth to pick up

Crown Prince Mohammed bin Salman said that the year 2020 was tough for all countries, amid the coronavirus pandemic outbreak. However, the Saudi economy has shown resilience and has proven the ability to withstand the pandemic fallout.  

The Kingdom took the measures necessary to protect people’s health, curb the COVID-19 outbreak and offer treatment for free to the infected.  

The Saudi economic growth is expected to pick up amid the continuous development of the private sector role, through the ease of doing business, moving ahead with the privatization programs and providing more opportunities for the private sector. This will allow the private sector to participate in infrastructure projects, the development of promising and emerging sectors and the implementation of the Vision 2030 programs, Prince Mohammed added.

He added that the Public Investment Fund (PIF) has become one of the main engines of the Saudi economy growth as it intends to pump hundreds of billions into the Saudi economy in the coming year and the following years, which will enable the emergence of new sectors, create more job opportunities and provide additional revenues for the state. 

Prince Mohammed pointed out that financial and economic measures were taken to limit the repercussions of the pandemic on economic activities.  

The crisis was managed with great care and effectively that led to mitigating the negative effects on the Saudi economy which was expected earlier to be stronger, as balance between the precautionary measures and the timing of the gradual return of economic activities was at a good pace. 

The Saudi Crown explained that a number of initiatives and measures were also approved to support private sector establishments during the pandemic and to preserve jobs and workers in the private sector, and these measures have helped limit the repercussions of the pandemic on the economy. 

The move also contributed to maintaining financial stability, Prince Mohammed, noted, affirming that all measures that would promote sustainable economic growth will be continued.  

He pointed to the Kingdom's efforts, based on its policy to retain the stability of international energy markets, in cooperation with the OPEC+ to work on stabilizing oil markets, which witnessed a sharp decline in prices.