Budget 2022 results reflect economy’s strength, ability to face challenges: Economy Minister

Faisal Alibrahim, Minister of Economy and Planning

The results achieved from Saudi Arabia’s 2022 budget affirms the economy’s strength and its ability to face all challenges, Saudi Press Agency reported, citing Minister of Economy and Planning Faisal Alibrahim.

Saudi Arabia is moving forward at a steady pace to achieve comprehensive development and support economic growth in all fields in a way that enhance the achievement of Vision 2030 objectives.

He praised the development achievements of the Kingdom despite the economic crises the world is going through.

Saudi Arabia succeeded in launching many initiatives and moving forward with structural reforms that support efforts to diversify and develop its economy and enhance its competitiveness among the world's economies to continue the comprehensive renaissance process.

He referred to the success achieved during 2022, which put the Kingdom at the forefront of the G20 countries in terms of GDP growth and the stability of macroeconomic indices.

Saudi Arabia’s success comes as a result of the effectiveness of government efforts in promoting investments, empowering the private sector, and developing strategic partnerships.

This reflects the leadership keenness to support the transformation and diversification of the Kingdom's economy and enhance its strength.

He pointed to the importance of the 2023 budget in consolidating the gains and realizing more progress driven by various economic activities.

The planned spending levels for 2023 are considered supportive of the economic diversification process, as it will enable the private sector to boost its economic contribution in line with Saudi Vision 2030 to maximize private sector’s contribution to 65% of the GDP.