Minister of Finance Mohammed Al-Jadán said that the country is developing economically. He said that 2020 is maybe the toughest year in the world, which began with positive anticipation, and Saudi Arabia, which started the year with a good dynamic in the previous year. He said the region is getting better.
Al-Jadaan made those remarks in a webinar during the 15th edition of the Euromoney conference which was basically opened on Thursday. Euromoney organized several webinars with Saudi ministers, consultants on finance, and researchers, in conjunction with the Finance Ministry and Center for Coordination and Funding Information (CFKC).
Al-Jadaan observed that 2020 was potentially the most difficult year for not only economies or economically, but also humanely, for the last 100 years, when almost everybody in the world was hit by the pandemic. In the first season, while maintaining that the Saudi economy is improving.
He also stated that the world economy and the Saudi market clearly began the year in another direction. The planet was pessimistic in 2020, but hopeful because of sluggish demand and trade and global uncertainties. However, hope remained. However, as foreign organizations say, progress is underway.
Al-Jadaan found out that in Saudi Arabia it was a little different when 2019 came to a close. The implementation of Vision 2030 begins. The economy of non-oil has begun to see growth.
Throughout 2019, solid growth has taken place between 3 and 8 percent in sectors focused on, such as travel, leisure, sports, and financial technology. Saudi Arabia takes over the leadership of the G20 in 2020.
A solid strategy has been developed to help Saudi Arabia play its part by partnering in a balanced and inclusive development with leading G20 and other partners. In Quarter 1, COVID-19 came like a train through the world.
As a consequence, the economy has almost hibernated due to the lockdown that, especially among the most vulnerable countries and individuals, has had major consequences.
“According to COVID-19, the Saudi economy was adversely affected. It almost hibernated economically. Energy markets have been affected adversely. Oil sales declined considerably. The effects of countries reporting their GDP can clearly be seen.
“Foreign countries worldwide have declined by 5 %, 10%, 15%, and some countries have recorded a downturn of 20%. In reality, this is ten years away in terms of growth in many regions. They lost their GDP for ten years, “said the minister.