Mohammed Al-Jadaan, the finance minister of Saudi Arabia, shared his predictions for the region’s and the Middle East’s economies over the next six years.
Al -Jadaan said during the “Future Investment Initiative” conference, which is currently being held in Riyadh, that the Middle East will pass by 6 years “difficult”, while the Gulf Cooperation Council countries will be in a better situation.
The Saudi Minister of Finance emphasised that there are several challenges facing the world right now, including funding, high interest rates, inflation, and debt pressure on some nations.
He emphasised how the Kingdom mobilised its resources and those of international organisations like the Group of Twenty and other development organisations in order to face difficult days like the ones we are currently experiencing and achieve a much better situation than the one the rest of the world is experiencing.
In order to assist nations in coping with the current situation and providing them with the support they need, he emphasised the significance of international collaboration between nations, international organisations, and the Group of Twenty International.
The Arab Gulf states, led by Saudi Arabia, are in a better position to deal with these conditions over the next six years, but other countries may need assistance and cooperation to get through the effects of the current economic conditions, he said, noting that we are experiencing challenging circumstances on a global scale.
Indicating that the Kingdom had previously issued a warning about the severity of the conditions surrounding the global economy in light of the consequences of the Koruna’s pandemic, the decline in investment rates in several areas and what happened after it, and the importance of international cooperation to confront it, he said that the world is now paying the price of reducing it from the risks that it is witnessing and paying its high costs.
He said that because of how serious the situation is right now, countries are eager to work together in order to better manage the risks that lie ahead. He also emphasised the need for investments in the fields of energy and renewable energy in order to address the risks associated with climate change and the rising burden of debt on governments and nations.
He urged people to avoid viewing the present from a single perspective and to adopt a positive outlook on the future by making plans, making decisions, and getting ready for tough times so that the world can adapt to challenging situations like the ones we are currently experiencing through international solidarity and cooperation.
He pointed out that the Kingdom is focusing the efforts of multilateral development organisations to ensure support for nations in the region, as well as with the Indonesian Group of Twenty presidency to provide support to the entire world, as well as for low-income companies and those related to energy, food, and investment in climate change initiatives like Saudi Arabia and the green Middle East, which needs global efforts because it is a global issue.
Economy is the source.
The Middle East will face challenges in the years ahead, according to the Saudi Finance Minister, but the Gulf states will benefit.
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