We are running against time to achieve the Kingdom's vision 2030, Prince Mohammed bin Salman announces 3 Riyadh

  • 2/5/2023
  • 13:38
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In reply to a question regarding the Kingdom Vision 2030's impact on growth, unemployment and non-oil income, the Deputy Crown Prince said that "I think that great achievements have so far been reached. Having a look from 50,000 feet altitude, we will find that the proportion of deficit is less than what has been forecast by all analysts, both at home and abroad, for 2015 and 2016 and also for 2017 budget, we will find non-oil revenues nearly doubled over the past two years from nearly SR 111 billion to about SR 200 billion. We also find that the budget control has become more accurate, comparing a budget with expenditures ranging from 25% to 45% in the last year with this year's budget expenditures of less than 10% percent. If we look at the decline of oil prices in the 1980s and the 1990s as well as in 2009, the main economic indicators were affected, such as the unemployment index which increased due to sharp declines, the inflation index rose in a very dramatic way, and the investment index fell very strongly. Amid this crisis, the oil prices witnessed an unprecedented rapid fall in the Kingdom of Saudi Arabia's history, reaching a $27 low in a short period and continuing for more than a year trend. With the help of Allah Almighty, upon directives of the Royal leadership, and the dedicated performance of government agencies, officials and employees, we were able to keep many indicators intact. We can cite unemployment, inflation and investment indexes as not strongly affected as was the case in the near history. Not only that, but also the growth index continued, though below global average, but has not sent the Saudi economy into recession. Now, the programs to be launched soon will have their effect by the end of 2017, with greater and stronger impact in 2018 and 2019 on all these major economic indicators. --More 21:59 LOCAL TIME 18:59 GMT www.spa.gov.sa/w391534

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