Saudi National Day… Successes in the face of adversity
This year, Saudi Arabia’s National Day comes at a very important stage for the Kingdom.
Today, the Saudi economy is stronger than ever, in contrast to the great challenges the world faces.
The Kingdom recorded a growth of 12.2% in Q2, the highest quarterly growth in 11 years;
On the path of economic diversification within Saudi Vision 2030, the Kingdom is focusing on using oil revenues to channel investments into non-oil industries and promising sectors. Saudi’s non-oil economy grew by 5.4%, on the strength of its Public Investment Fund successes.
Saudi Crown Prince Mohammed bin Salman expects the fund’s assets to exceed $2 trillion by 2030 from the current $620 billion, making it the largest sovereign wealth fund in the world.
Tourism plays a key role in the Kingdom’s plans for diversification, with the sector contributing 10% to the GDP. It’s on a path towards attracting 100 million visitors annually.
On the other hand, inflation is still low, unlike record numbers globally, with a 3% mark backed by a strong economy and multiple support programs geared for its citizens. This makes the Kingdom one of the G-20 countries with the lowest levels of inflation.
Despite the circumstances facing the region and the world, Saudi Arabia continues to make forward progress, with cultural openness being only one of a long list of advantages that guarantee its leadership standing.