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Saudi Arabia Discusses Solutions to Overcome Global Economy Crises

Saudi Arabia Discusses Solutions to Overcome Global Economy Crises

Tuesday, 31 December, 2019 - 09:30
Spain’s Acting Foreign Minister Josep Borrell Fontelles (C) gestures during a family photo session at the G20 Foreign Ministers' Meeting in Nagoya, Japan, November 23, 2019. REUTERS/Kim Kyung-Hoon

Saudi Arabia steps into the new year amid a challenge to provide sustainable development solutions to overcome the new century’s crises. This was revealed in the G20 hosting statement.

The kingdom relies on its capabilities, potentials, and successful experiences, which enable it to lead the 2020 G20 Riyadh Summit.

Saudi Arabia is expected to present suggestions that contribute positively to reinforcing the global economy, which has been staggering since the global financial crisis in 2008.

For his part, Accounting Professor at Taif University Salem Baajaja explained to Asharq Al-Awsat newspaper that the economic policies going in tandem with the changes have consolidated the kingdom’s economic posture.

Notably, these policies resulted in the programs of Saudi Vision 2030 and the National Transformation Program besides other programs.

Baajaja noted that the Saudi Vision 2030 embraced the transformation changes and requirements in order to achieve a transition in structural activities and infrastructure and to introduce new sectors.

He affirmed that the kingdom has the ability to issue more visions and ideas during the G20 Summit, to be held in Riyadh in 2020 -- the kingdom is starting the new year in its capacity as a main producer of oil in the world with reserves of global oil equal to 18.1 percent.

Further, President of al-Shorouk Center for Economic Studies Dr. Abdulrahman Baashen told Asharq Al-Awsat that the kingdom enjoys a rich and diversified weight as new sectors get involved in the output.

Baashen noted that the kingdom has issued the Saudi Vision 2030 and the National Transformation Program in a rational manner in order to empower the added value of output. The reforms have resulted in urging the private sector to lead the budget and reinforce the domestic product as well as increase its contribution to the Saudi economy, he added.

Moreover, economist Dr. Khaled Ramadan said that the kingdom is qualified to provide experiences that could get the G20 countries’ confidence in Riyadh next year.

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