Saudi economy shines amid low inflation rates and Vision 2030 success: official report

The Saudi economy has demonstrated resilience, marked by sustained growth in non-oil sectors and a globally low annual inflation rate of 1.6 percent, as per an official report.

This was highlighted during the latest meeting of the Council of Economic and Development Affairs, where discussions covered crucial reports and topics.

Among these was the Ministry of Economy and Planning’s quarterly analysis of international and local economic performance in the first quarter of 2024. The analysis delved into global economic growth trends and their potential implications for the Kingdom.

Meanwhile, the council, also known as CEDA, reviewed the Strategic Management Office’s 2023 report on the achievements of targets set by the Kingdom’s Vision 2030, highlighting the significant progress made. By 2023, 87 percent of Vision 2030 initiatives were either completed or on track, surpassing the performance of 2022.

Additionally, the Ministry of Health presented progress updates on two pivotal initiatives: the establishment of the Health Holding Co. and the Center for National Health Insurance. These initiatives are integral to the ministry’s healthcare transformation plan, the Saudi Press Agency reported.

The presentation outlined the health ministry’s strategic ambitions, including goals, essential implementation stages, and the embrace of a contemporary healthcare paradigm.

This innovative approach has widened access to healthcare services, improved their caliber and efficacy, and strengthened preventive measures against medical hazards.

Moreover, the presentation highlighted the successful completion of the inaugural phase of the strategy, with 20 health clusters established across Saudi Arabia by the end of 2023.

The SMO’s report also highlighted notable accomplishments, program evaluations, and an overall performance summary, along with ongoing efforts and future aspirations for 2024.

The analysis emphasized the ongoing transformation efforts driven by the vision, which have demonstrably achieved and even surpassed the 2023 goals concerning the vision’s three aspects: a vibrant society, a thriving economy, and an ambitious nation.

CEDA issued pertinent decisions and recommendations concerning all the topics addressed during the meeting.

Under the Council of Ministers, CEDA aims to establish the governance, mechanisms, and measures necessary to achieve Saudi Vision 2030, addressing issues spanning all domestic matters, from health to labor to education and Islamic affairs.