At a G20 finance meeting held in the United States, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan underscored the need for enhanced economic resilience to counteract global vulnerabilities. Highlighting the challenges facing the global economy, Al-Jadaan emphasized the importance of developing alternative production sources, maintaining adequate inventories, and ensuring critical infrastructure has sufficient spare capacity to withstand potential shocks.
Al-Jadaan also advocated for policies that bolster sustainable long-term economic growth. He stressed that governments need to identify key growth constraints and adjust their policies as economic conditions evolve. On the subject of global economic imbalances, Al-Jadaan pointed out the necessity of assessing trade surpluses and deficits in conjunction with domestic financial conditions and structural factors affecting individual economies.
Acknowledging concerns over sovereign debt, Al-Jadaan called for a more robust international strategy to manage it. He emphasized that governments should focus not only on responding to debt crises but also on preventing the build-up of unsustainable debt that fails to yield economic or developmental benefits. This approach, he suggested, could help avert future financial turmoil.
Saudi Central Bank Governor Ayman Al-Sayari highlighted Saudi Arabia’s economic resilience, noting that the country managed to contain inflation despite external risks. Inflation in Saudi Arabia averaged 1.8% during the first seven months of 2026. The non-oil economy showed continued growth, driven by structural reforms, increased private-sector participation, and investment. Domestic demand, supported by a stable labor market, government spending, and ongoing development projects, remained a significant growth driver.
Al-Sayari also pointed out the risks posed by geopolitical tensions and disruptions to global trade and energy flows. However, he noted that Saudi Arabia’s diversified logistics and energy infrastructure had mitigated the impact of these external disruptions. The Kingdom’s overall unemployment rate dropped to a record low of 3.1% in the first quarter of 2026, with unemployment among Saudi nationals at 6.4%, underscoring the country’s economic robustness.