At the recent G20 finance meeting in the United States, Saudi Arabia urged nations to bolster their economic resilience and fortify defenses against potential global disruptions. Finance Minister Mohammed Al-Jadaan underscored the growing vulnerabilities in the global economy, emphasizing the importance of developing alternative production sources, maintaining sufficient inventories, and ensuring that critical infrastructure has adequate spare capacity to withstand shocks.
Al-Jadaan advocated for policies that promote robust and sustainable long-term economic growth. He advised governments to pinpoint the primary constraints hindering growth and to adapt their policies in response to shifting economic conditions. Addressing global economic imbalances, he suggested that trade surpluses and deficits should be evaluated in conjunction with domestic financial conditions and the structural factors influencing individual economies.
The finance minister also called for a more robust international strategy to handle sovereign debt challenges. He stressed that governments should aim not only to address debt crises as they arise but also to prevent the accumulation of unsustainable debt that fails to deliver economic or developmental benefits.
Meanwhile, Saudi Central Bank Governor Ayman Al-Sayari highlighted the Kingdom’s economic resilience, noting its ability to maintain stable inflation rates despite external pressures. Saudi Arabia’s inflation averaged 1.8% during the first seven months of 2026. The country’s non-oil economy demonstrated continued expansion, driven by structural reforms, increased private-sector involvement, and sustained investment. Domestic demand remained a significant growth contributor, supported by a stable labor market, government spending, and ongoing development projects.
Saudi Arabia’s overall unemployment rate dropped to a record low of 3.1% in the first quarter of 2026, with unemployment among Saudi nationals at 6.4%. Al-Sayari identified geopolitical tensions and disruptions in global trade and energy flows as persistent risks, but he noted that Saudi Arabia’s diversified logistics and energy infrastructure had mitigated the impact of these external challenges.