Saudi Finance Minister: The coming years will be good for the Gulf countries and difficult for the Middle East

Saudi Finance Minister Mohammed Al-Jadaan has released his economic forecasts for the next six years for the countries of the Gulf Cooperation Council and the Middle East region.

Al-Jadaan said during the Future Investment Initiative conference currently taking place in Riyadh that the Middle East will go through 6 “difficult” years and the countries of the Gulf Cooperation Council will be in a better position.

Saudi Arabia’s Finance Minister stressed that the world is currently facing many difficulties related to financing, high interest rates, inflation and debt pressure on some countries.

He noted that the Kingdom has worked to advance plans and strategies to face the difficult days we are living in today, and has mobilized its energy and international organizations such as the G20 and other development organizations, which has enabled it to achieve much better results. situation that the world is suffering from.

He emphasized the importance of international cooperation between countries, international organizations and the international group of twenty to help countries cope with current circumstances and provide them with the necessary support.

He noted that at the global level, we are seeing difficult circumstances and at the regional level, the Arab states of the Gulf, led by Saudi Arabia, are in a better position to cope with these circumstances over the next six years, but there are other countries that may be required. cooperation and support to overcome the consequences of the current economic conditions.

He stated that the world is now paying the price for reducing the risks it is witnessing and paying its high costs, pointing out that the Kingdom has previously warned of dangerous conditions surrounding the global economy in light of the impact of the coronavirus pandemic and declining investment levels in several areas. and what happened after that, and the importance of international cooperation to counter it.

He pointed out that countries are now looking to cooperate with each other to face current and future risks and perform better, while calling for the need to invest in energy and renewable energy, as well as confront the risks of climate change and the high debts of governments and countries. which we call to speed up, neutralize it.

He urged not to look at the modern world from one side, but to look at it and the future with optimism through planning, decision-making and preparation for difficult times, so that the world can adapt to difficult times. circumstances that we are experiencing now, thanks to solidarity and international cooperation.

He noted that the Kingdom is mobilizing the energy of multilateral development institutions to provide support to the countries of the region, and is also working with the Indonesian G20 chair to provide support to the world, as well as low-income companies in terms of energy and food, as well as investment into climate change initiatives such as Green Saudi Arabia and Green Middle East, which requires an international effort because this is a global issue and we in the region need to implement a lot of reforms as planned.

Source: economic