Saudi finance minister: Economic reforms are primary cause o...| MENAFN.COM

Wednesday, 07 December 2022 12:46 GMT

Saudi finance minister: Economic reforms are primary cause of strong growth


(MENAFN) According to Saudi Finance Minister Mohammed Al-Jadaan, Gulf Cooperation Council leaders want to see their organization reach "the highest levels of economic integration."

He was addressing on Monday in Riyadh at the 117th meeting of the GCC Financial and Economic Cooperation Committee. Al-Jadaan emphasized the significance of creating a common market in the Gulf for the benefit of GCC residents.

He claimed that although the GCC nations' economy are not immune to the repercussions of the global economic crisis, they face such problems head-on.

He also mentioned, “yes, we are benefiting from higher oil prices, but the strong growth we are seeing is primarily driven by the reforms we have implemented.”

The consequences of the pandemic continue, supply chain problems continue, the energy and food markets are in chaos, and inflation has risen to its highest levels in many years, according to the Saudi finance minister, who declared that the world economy is experiencing significant challenges.

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