Saudi Arabia’s entry into the G20 is a result of its growing importance in global energy exports and pricing, as well as increasing international trade volumes and global influence, the Saudi Press Agency reported.
This also comes as a result of increased financial resources that are expected to increase in the future, thus increasing Saudi Arabia’s importance in the world economy.
Monetary policies adopted by Saudi Arabia have far-reaching effects at the global level, affecting economic activity and global trade through policies on remittances abroad and investment in global securities. The expanding circle of influence of Saudi Arabia’s economic role in the region is also significant, given the economic importance of Saudi Arabia, which ranks it among the world’s best emerging economies, along with other emerging economies such as China, India, and Turkiye. Contributed to being classified as a country. Arab Gulf region, Middle East, Arab countries.
Among the positive outcomes of Saudi Arabia’s entry into the G20 group is that it provides regular communication channels with global financial and economic policymakers and strengthens bilateral cooperation with key countries. . Saudi Arabia’s membership in this group increases the importance of providing more transparency as well as financial and economic data related to the Kingdom, similar to developed world countries. Saudi Arabia’s entry into this group will result in several policy adjustments and reforms in many financial and economic areas, which will lead to further development of the financial and economic sector and ultimately lead to the It is expected that this will lead to maximum profit. Its economy.
The establishment of multiple economic cities is the culmination of Saudi Arabia’s global economic potential. Saudi Arabia has also started construction of the King Abdullah Financial Center project in Riyadh on an area of 1.6 million square meters, making it one of the world’s major financial hubs with its presence in one of the region’s largest economies. form one. . It is the first in the Middle East region in terms of size, organization, technical specifications and equipment.
Saudi Arabia has implemented a record number of reforms in banking sector regulation and supervision in recent years. They were highly rated in the World Bank report, ranking 12th out of 183 countries in the world. According to the report, Saudi Arabia is making strong efforts to achieve stability and support developing countries, in addition to contributing to regional and international development organizations, through its membership in the G20 and collaboration with the countries of this group. .
During the years of inclusive development, Saudi Arabia is committed to achieving global economic stability and playing an active and proactive role in building a balanced and sustainable global economic system. The economic decisions and policies adopted by Saudi Arabia were marked by moderation. Global economic growth that sustains the interests of all developed and developing countries. The OECD announced in its annual report “OECD World Economic Outlook” for 2022 and 2023 that Saudi Arabia’s GDP achieved the highest growth rate among G20 countries.
The Saudi economy will achieve 8.7% GDP growth in 2022, the highest growth rate among G20 countries. This exceeds the expectations of international organizations, which had been set at a maximum of 8.3%, making the current growth rate Saudi Arabia’s highest annual growth rate. For the past 10 years.
Saudi Arabia secured first place among G20 countries in terms of worker productivity growth in 2022, according to a series of modeled measurements published annually by the International Labor Organization.
This 4.9 percent increase represents the highest productivity growth rate achieved by Saudi Arabia, which had reached -6.3 percent in 2019. The productivity growth rate then rose to 4.4 percent in 2021 and reached its highest level in 2022.
Saudi Arabia received a score of 94.4 percent in a safety audit conducted by the International Civil Aviation Organization. The audit revealed that Saudi Arabia ranks seventh among G20 countries in aviation security. ICAO conducts this exercise with the aim of ensuring member states comply with international standards.
According to the International Telecommunication Union, Saudi Arabia ranks second among G20 countries and fourth in the world in terms of digital system development. This ranking reflects Saudi Arabia’s success in building a sustainable regulatory framework and transitioning to digital collaborative regulation to strengthen the digital economy.
As one of the leading countries in the field of communications and information technology at the level of G20 countries, Saudi Arabia was able to transform the Digital Economy Working Group into a permanent working group and lead other countries based on its cumulative achievements. In addition to adopting principles of trustworthy, human-centered artificial intelligence, the group will adopt a roadmap towards a common framework for defining and measuring the digital economy. These developments have strengthened Saudi Arabia’s position as a major technology hub at regional and global levels.
Saudi Arabia leads international efforts in investment and innovation to bridge the digital gap by piloting fifth-generation networks via high-altitude platform systems covering approximately 500,000 square kilometers in remote areas I’ve done it.
These steps, procedures, developments and qualitative leaps achieved by the telecommunications sector and accelerated steps to keep pace with technological developments have strengthened Saudi progress in relevant indicators and reporting. According to the European Center for Digital Competitiveness, Saudi Arabia ranks second among G20 countries in terms of digital competitiveness. According to the World Bank’s 2022 GovTech Maturity Index, Saudi Arabia ranks third in the world in digital government transformation. Saudi Arabia has successfully connected 99 percent of its population to digital infrastructure, presenting a pioneering model for bridging the digital gap.
Saudi Arabia has provided a first-of-its-kind experience in connecting the offline world through non-terrestrial network programs and terrestrial networks, considered an ideal solution to accelerate bridging the digital gap. Saudi Arabia has also launched the world’s largest virtual hospital, which uses artificial intelligence to provide advanced medical services.
In the empowerment of youth and women, Saudi Arabia has achieved a qualitative leap in the empowerment of women in technology in a short period of time, with the growth rate of Saudi women in technology jumping from 7 percent to 33 percent, exceeding the global average. I did. G20 countries and the EU.
In financial markets, Saudi Arabia ranked third in the IPO and Corporate Directors Index within the G20 countries, and was in the top three in six out of 12 indices related to financial markets at the G20 level.
Saudi Arabia ranks 17th out of the 64 most competitive countries in the world, making it one of the top 20 countries in the 2023 World Competitiveness Yearbook for the first time. This yearbook is published by the Center for Global Competitiveness, an international institute. For management development. This is one of the major competitiveness reports tracked and analyzed by the National Competitiveness Center in collaboration with relevant government agencies.
Buoyed by strong economic and financial performance in 2022 and improved corporate legislation, Saudi Arabia rose seven places in the 2023 edition, ranking third among G20 countries for the first time, ahead of the world’s most economically advanced countries such as South Korea. Germany, France, Japan, Italy, India, UK, China, Mexico, Brazil, Turkiye according to the report methodology covering different aspects of competitiveness.
Saudi Arabia’s access to the international G20, which includes the world’s 20 most powerful economies, is a key factor in the global economy, as the Kingdom is based on a strong industrial economic base and plays an important role in shaping the global economy. It signifies an increase in Saudi influence. Based on economic policy, it is a safe base for investment from all over the world.