Countries have resorted to different approaches to confront the novel coronavirus, with most of them trying to find ways to protect their citizens from public health threats while safeguarding their economies.
After gradually removing the lockdown measures, Saudi Arabia has taken several steps to revive its economy, support the business sector and pump liquidity needed to help businesses overcome difficulties and maintain economic growth despite the oil sector’s contraction.
These measures, which came while ensuring to contain the pandemic, have paved the way for a phase of economic recovery aimed at making up for the losses incurred during the lockdown.
Saudi Arabia has supported the recovery of the global and local economy while chairing the G20 meetings and launching several initiatives.
Saudi international trade expert Dr. Fawaz Al-Alamy explains that the Kingdom “has progressed significantly this year, moving from the 26th to the 24th place on the Global Competitiveness Center’s index, the only Middle Eastern or Gulf country to have done so despite the coronavirus’s repercussions on the economy.
He added that the Global Competitiveness Report, given its international standards, “affirms that the policies and measures implemented by Saudi Arabia, represented by its ministries, agencies and institutions, reflect a determination to govern successfully.”
The Ministry of Investment also announced that it had managed to draw more foreign investment this year, issuing 348 new investment licenses in the first quarter of 2020, a 19 percent increase compared to the same period last year.
Alamy lauded Saudi Arabia’s improved ranking in the Global Entrepreneurship Monitor’s 2019 - 2020 Global Entrepreneurial Index, as the Kingdom went from rank 41 last year to 17th.
In the Edelman Trust Barometer’s spring 2020 report, Spring Update: Trust and the Coronavirus revealed that trust in the government rose by five points in Saudi Arabia, reaching 83 percent, making the Saudi government one of the most trusted in the world because of its swift response to the pandemic and its ability to limit the pandemic’s repercussions on citizens and residents.
The report also indicated that Saudi Arabia is achieving its goals and vision. It is playing an active role in the global economy, not only because of its unique position as one of the world’s biggest oil producers and exporters, but also because it is the largest economy in the Middle East and a haven for investors.