Saudi Arabia continues with economic transformation: Crown Prince

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman Abdulaziz said the Kingdom is proceeding with its economic transformation.

In his speech before the Shura Council on inaugurating the fourth year of the eighth session, the Crown Prince added that the positive results achieved so far reflect further success in the financial and economic reforms that aim to boost the comprehensive economic growth.

The credit rating agency Moody’s assigned the Kingdom 'A1' rating with a positive outlook, which reflects the government’s continued efforts to develop its financial policy and comprehensive structural, regulatory, and economic reforms, the Crown Prince said.

He added the Kingdom, according to a report by the International Monetary Fund (IMF), had the fastest-growing G20 economy in 2022, with a growth rate of 8.7% and a rise of 4.8% in non-oil GDP.

In addition, the unemployment rate reached its lowest level, falling to 8%. The Kingdom's average consumer price index also hit 2.5% in 2022, which indicates the government's efforts to combat inflation through setting a ceiling on the prices of some products.

The number of Hajj and Umrah performers reached pre-COVID levels at more than 1.8 million and 10 million in 2022, respectively. This reflects the Kingdom's efforts to facilitate Hajj and Umrah to the largest possible number of Hajj and Umrah performers last year.

Among 160 countries, Saudi Arabia advanced to the 38th rank in the World Bank's Logistics Performance Index after achieving wide leaps in performance, the Crown Prince said.

He added that the Kingdom reached advanced positions in several fields, as it achieved progress in more than 50% of the UN sustainable development indicators.

In tourism, the Kingdom recorded a growth rate of 64% in the first quarter of 2023, representing its highest ever quarterly performance. It also ranked second globally in the number of inbound tourists.