It is said that prudence, adequate regulation and management of public finances have provided Saudi Arabia with the right tools, guided by an important principle: Save in the good days and spend a portion in the bad ones.
Amid these positive Saudi developments, comes the news of an unprecedented commitment by the G20 ministers in
The centerpiece of the G20 commitment is to boost the combined gross domestic product of G20 countries, representing about 85 percent of the global economy, by 2 percent above the levels expected for the next five years, possibly creating tens of millions of new jobs. World GDP was about
The G20 commitment provides a tremendous opportunity to Saudi Arabia to boost growth and raise standard of living further as its population is young and increasingly well-educated, and as it continues to enter into the labor market. As the government gradually diversifies from oil, a strengthened culture of entrepreneurship is also developing in Saudi Arabia, which will give a major boost to nonoil GDP.
IMF said Saudi economy grew by 5.1 percent in 2012, benefiting from high oil prices and output, strong private sector growth and government spending.
After all, Saudi Arabia's economy continues to be strong as is reflected in its annual growth rate of 3.1 percent in Q3, 2013, after posting a growth of 2.1 percent in Q1 and 2.7 percent in Q2.
Thus, all eyes will be on
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