Global Growth Needs KSA
The real economic construction is based on the accumulation and continuation of growth. It spurs expansion of opportunities for indigenization, employment and reduction of unemployment. Here, we're talking about qualitative and quantitative growth, so that economy in general would be producer and employer of goods and services.
Despite the economic downturn, which was a dominant feature in 2017, an important sector has maintained its performance, such as the banking sector, and another sector has significantly grown such as tourism and entertainment.
As for 2018, harvest is ripe, momentum has emerged and growth, with the International Monetary Fund (IMF)'s testimony, is beginning to come true. Its prospect refers to 2.2% growth this year, compared to a 0.7% downturn in the last year. The most important achievement is the first real reduction of unemployment rates- announced by the Minister of Labor a few days ago - and therefore the IMF continues its positive prospects that the rate of increase will continue to reach 2.4% in 2019.
Talking about economic reforms may have been painful sometimes, but they are necessary to achieve sustainability in resources by diversifying the sources of income, though there are expectations on announcing specific projects during the coming period in a number of important development joints.
His Royal Highness Crown Prince Mohammed bin Salman's talk to Bloomberg confirmed the confirmed and drew the clearer picture of the inside and outside. Certainly, the messages are conveyed, including His Royal Highness's assessment of the reform phase that has gone by. H.R.E. said: "Any government, company or team will gain more experience over time as any human action. Of course, there will be some mistakes and lots of achievements, if it is heading towards the right path. Thus, I believe that the last three years have been good, and we cannot do better than we have done. We have learned a lot - the team and the entire system - and we will continue progress on this side. What really counts is the main picture, the main objectives and the plan. We keep developing it and working in the same direction, and so there is no change in it."
Development and growth taking place in the Kingdom now and in the future are not important for us only, but it for the world which has become in dire need of the energy resources in the Kingdom. Reports confirm that the future of the oil industry and the global economy depend on the Kingdom's capacity to increase its productive capacity every five years.