According to the most recent economic review, Saudi Arabia has demonstrated increasing adaptability and resilience in dealing with international issues.
This was illustrated in a virtual meeting of the Council of Economic and Development Affairs, where important reports were examined, one of which was a monthly update on August 2024’s domestic and international economic performance from the Ministry of Economy and Planning.
According to the Saudi Press Agency, the review recognised that recent events are indicative of the nation’s continuous efforts to fortify its financial foundation and broaden its economic base.
The impact of economic diversification initiatives is highlighted by the country’s economic resilience, which is demonstrated by the continuous decline in inflation rates, which dropped to 1.5% in June, and an 8.2% annual increase in commodity exports in May.
An examination of future global economic trends and their effects on the domestic economy was also covered at the meeting.
The Ministry of Finance’s second-quarter financial report, which included specifics on revenue, expenses, and public debt indicators, was also examined by the council.
The report covered advancements in strategic projects that are in line with “Vision 2030” economic diversification agenda, infrastructure development, social protection programmes, and service quality improvements.
The council also looked over a report that tracked the execution of decisions and suggestions from the second quarter of 2024 and was provided by the Project Management Office at the Secretariat of the Council of Economic and Development Affairs. A thorough description of the council’s accomplishments and achievement data was included in the presentation.
The council also looked over the annual report of the Digital Content Council regarding the Digital Content Programme’s performance in 2023.
The report gave an overview of the programme’s status, including completed and ongoing initiatives, challenges, and suggested solutions, as well as the growth in digital content within the Kingdom and its major accomplishments. Based on these reports, the council then took the appropriate actions and issued recommendations.