Crown Prince reaffirms Saudi Arabia would continue economic transformation programs.

Saudi Gazette report RIYADH:
Crown Prince and Prime Minister Mohammad bin Salman reaffirmed on Wednesday that Saudi Arabia would continue its economic transformation programs. After the 2023 budget was announced, the Crown Prince said that more than 2.2 million citizens are working in the private sector, which is the highest figure in the Kingdom’s history. He also lauded the jump in Saudi women’s economic participation from 17.7 percent to 35.6 percent.

“The citizen is Saudi Arabia’s greatest asset for success, as his role is pivotal in comprehensive and sustainable economic development, and he contributes directly to the achievements,” he said.

The Crown Prince noted that the GDP growth is reflected in the creation of more job opportunities, which contributed to a fall in unemployment rates among citizens to 9.7 percent during the second quarter of 2022, which is the lowest in the past 20 years. “Saudi Arabia recorded high growth rates in the real GDP, reaching 5.8 percent and that reflected significantly in the growth of several economic activities and various non-oil sectors. The Kingdom also achieved high rates of 10.2 percent in the real GDP growth by the end of the third quarter of 2022,” he said while pointing out that the GDP growth is expected to reach 8.5 percent by the end of 2022.

The Crown Prince stated that the surpluses achieved in the budget will be directed to strengthen government reserves, support national funds, and strengthen Saudi Arabia’s financial position.

“The 2023 budget supports strategic spending and investment initiatives that boost achieving the goals of economic transformation and maintaining the Kingdom’s strong financial position. The government is currently exploring the prospect of accelerating the implementation of some priority strategic programs and projects,” he said while noting that the government’s success in addressing the risks arising from geopolitical changes and limiting their economic and social effects proves the strength of the Saudi economy in confronting urgent challenges.


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