At a recent G20 finance meeting in the United States, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan emphasized the need for countries to enhance their economic resilience in the face of rising global vulnerabilities. He urged nations to fortify their economies against potential disruptions by diversifying production sources, maintaining ample inventories, and ensuring that critical infrastructure has sufficient spare capacity to handle unexpected shocks.
Al-Jadaan highlighted the importance of implementing policies that foster sustainable and robust long-term economic growth. He advised governments to identify and address key constraints on growth, adapting their strategies as economic conditions evolve. Addressing global economic imbalances, Al-Jadaan pointed out that trade surpluses and deficits should be considered alongside domestic financial conditions and structural factors that shape each individual economy.
In addition, the finance minister called for a more collaborative international approach to managing sovereign debt. He stressed that it is crucial not only to respond to debt crises as they arise but also to prevent the accumulation of unsustainable debt that fails to generate meaningful economic or developmental benefits.
Saudi Central Bank Governor Ayman Al-Sayari also participated in the discussions, showcasing Saudi Arabia’s economic resilience. He noted that despite external risks, the country’s inflation remained stable, averaging 1.8% in the first seven months of 2026. Saudi Arabia’s non-oil economy continued to grow, driven by structural reforms, increased private-sector involvement, and investment. Domestic demand remained a key growth driver, bolstered by a stable labor market, government spending, and ongoing development projects.
The Kingdom has seen its overall unemployment rate drop to a historic low of 3.1% in the first quarter of 2026, with unemployment among Saudi nationals at 6.4%. Al-Sayari acknowledged ongoing 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 have helped mitigate the impact of these external challenges.