Council of Economic and Development Affairs Discusses Several Economic Topics

The Council of Economic and Development Affairs held a virtual meeting to review several reports and agenda items, including the monthly presentation from the Ministry of Economy and Planning on global and domestic economic performance for August 2024.

The presentation included an analysis of global economic prospects, challenges facing the global economy, and their impact on the national economy. It highlighted the resilience and flexibility of the Kingdom’s economic policies in addressing these global challenges through the development of a diverse and stable economic base. This resilience is reflected in the continued decrease in inflation rates, reaching 1.5% in June, and an 8.2% annual increase in commodity exports in May, attributed to efforts in economic diversification.

The council also discussed the presentation from the Ministry of Finance on the second-quarter report for the 2024 fiscal year. The report included a detailed review of financial performance up to the end of the second quarter of the current year, as well as indicators for revenues, expenditures, and public debt. It also covered progress in enhancing the quality of services provided to citizens and residents, supporting social protection programs, developing infrastructure, and advancing strategic projects that support economic diversification to achieve the Saudi Vision 2030 goals.

Moreover, the council reviewed the presentation from the Project Management Office at the Secretariat of the Council of Economic and Development Affairs concerning the follow-up on decisions and recommendations issued by the council during the second quarter of 2024. This included a detailed presentation of the council’s outputs and comprehensive statistics on the level of achievement.

Additionally, the council discussed the annual presentation from the Digital Content Council on the performance of the Digital Content Program for 2023. The presentation covered the growth achieved by digital content within the Kingdom, highlighted significant achievements, and provided an overview of the program’s current status in terms of the number of completed and ongoing initiatives, as well as challenges and proposed solutions.

The council took the necessary decisions and recommendations regarding these topics.