Saudi Economy shows resilience with strong non-oil sectors, low inflation

(MENAFN) In an official report, the Saudi Economy is lauded for its resilience, characterized by sustained growth in non-oil sectors and maintaining a globally low annual inflation rate of 1.6 percent. This notable achievement was underscored during the recent convening of the Council of Economic and Development Affairs (CEDA), where discussions encompassed pivotal reports and topics crucial to the Kingdom's economic trajectory.

Among the key highlights was the Ministry of Economy and Planning's comprehensive quarterly analysis of both international and local economic performance during the first quarter of 2024. This analysis delved into global economic growth trends and their potential implications for Saudi Arabia, providing valuable insights for strategic planning and policy formulation.

Additionally, CEDA took stock of the Strategic Management Office's meticulous 2023 report on the progress of targets outlined in the ambitious Vision 2030. Notably, the report showcased significant strides, with 87 percent of Vision 2030 initiatives either completed or on track by 2023, surpassing the performance of the previous year. This milestone underscores the Kingdom's steadfast commitment to realizing its long-term developmental goals and diversifying its economy away from oil dependency.

Moreover, during the council's proceedings, the Ministry of Health provided updates on two critical initiatives aimed at transforming the healthcare sector. These initiatives include the establishment of the Health Holding Co. and the Center for National Health Insurance, both integral components of the ministry's overarching healthcare transformation plan. The presentation shed light on the ministry's strategic ambitions, outlining key goals, essential implementation stages, and the adoption of a modern healthcare paradigm designed to enhance accessibility and quality of healthcare services across the Kingdom.



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