Saudi Arabia is advocating for enhanced economic resilience and increased protection against potential global disruptions. During a G20 finance meeting in the United States, Finance Minister Mohammed Al-Jadaan emphasized the growing vulnerabilities challenging the global economy. Al-Jadaan urged countries to bolster their shock-absorbing capabilities by diversifying production sources, maintaining adequate inventories, and ensuring that critical infrastructure has ample spare capacity to handle unforeseen events.
Emphasizing the importance of long-term economic growth, Al-Jadaan called for policies that support robust and sustainable development. He advised governments to pinpoint key constraints on growth and adapt their policies in response to evolving economic conditions. Addressing global economic imbalances, Al-Jadaan suggested that differences in trade surpluses and deficits should be considered alongside domestic financial conditions and structural factors unique to individual economies.
The Saudi Finance Minister also underscored the necessity of a stronger international approach to managing sovereign debt. He argued that it is essential for governments not only to react to debt crises but also to prevent the buildup of debt that does not yield sustainable economic or developmental benefits.
Saudi Central Bank Governor Ayman Al-Sayari highlighted the resilience of Saudi Arabia’s economy, noting that inflation has remained contained despite external risks, averaging 1.8% during the first seven months of 2026. The Kingdom’s non-oil economy has continued to grow, driven by structural reforms, increased private-sector involvement, and investment. Key elements such as domestic demand, a stable labor market, government spending, and ongoing development projects have been pivotal in sustaining growth.
Further illustrating Saudi Arabia’s economic strength, Al-Sayari pointed out that the overall unemployment rate fell to a record low of 3.1% in the first quarter of 2026, with unemployment among Saudi nationals at 6.4%. Despite these positive indicators, he acknowledged that geopolitical tensions and disruptions to global trade and energy flows remain significant risks. However, he noted that Saudi Arabia’s diverse logistics and energy infrastructure has been instrumental in mitigating the impact of external disruptions.