Saudi Arabia’s Finance Ministry, in a report, revealed that three economic and financial challenges face the Kingdom's economy in 2020.
The most important challenge emerges in the global economic slowdown which is taking place as disputes negatively affect the movement of trade and lead to fluctuations in global markets. This has affected the overall prospects for global economic growth.
Expectations issued by international organizations, according to the report, point out the possibility of a global recession during the following years, which requires hedging responsible financial policies. This has left the Kingdom aiming to enhance its economy's ability to withstand external shocks.
The second challenge is centered on fluctuations in oil prices confronted by the Kingdom and oil exporting countries.
According to the report, the restriction of oil production and supply developments represent other negative effects that add to the slowdown in the growth of the global economy.
The third challenge relates to the growth rates of non-oil GDP.
Achieving high rates of economic growth and providing new meaningful job opportunities for citizens in the private sector are the most important challenges facing the local economy.
In contrast to the challenges, the report pointed to the presence of positive factors, such as a significant increase in domestic and foreign private sector investment in the non-oil sector.
Another positive factor - according to the report - is the continued high rate of women's participation in the labor market, which has witnessed remarkable improvement since the launch of the Kingdom's 2030 Vision.