In a call for bolstered economic resilience, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan emphasized the necessity for robust safeguards against global disruptions during a G20 finance meeting in the United States. Al-Jadaan underlined the increasing vulnerabilities of the global economy and urged nations to enhance their ability to endure economic shocks. He advocated for the development of alternative production sources, maintaining ample inventories, and ensuring that critical infrastructure has sufficient spare capacity.
Al-Jadaan also stressed the importance of policies that foster strong and sustainable long-term economic growth. He advised governments to pinpoint the principal constraints on growth and adapt their policies according to evolving economic conditions. Addressing global economic imbalances, he suggested that differences in trade surpluses and deficits should be considered alongside domestic financial conditions and structural factors specific to each economy.
Highlighting the need for a more coordinated international approach to sovereign debt, Al-Jadaan argued that governments should focus not only on responding to debt crises but also on preventing the accumulation of unsustainable debt. Echoing these concerns, Saudi Central Bank Governor Ayman Al-Sayari noted the Kingdom’s economic resilience, with inflation contained at an average of 1.8% during the first seven months of 2026, despite external risks.
Saudi Arabia’s non-oil economy continues to thrive, driven by structural reforms, increased private-sector involvement, and investments. Domestic demand remains a crucial growth driver, bolstered by a stable labor market, government spending, and ongoing development projects. The country’s overall unemployment rate reached a historic low of 3.1% in the first quarter of 2026, with unemployment among Saudi nationals at 6.4%.
Al-Sayari identified geopolitical tensions and disruptions to global trade and energy flows as significant risks. However, he noted that Saudi Arabia’s diversified logistics and energy infrastructure mitigates the impact of these external disruptions, underscoring the Kingdom’s preparedness in navigating such challenges.