Planning council reviews economic progress, Saudi Vision achievements

RIYADH: Saudi Arabia’s top council on economic affairs reviewed a number of reports during a virtual meeting held on Wednesday, the Saudi Press Agency reported.

The Council of Economic and Development Affairs studied a financial report for the second quarter of 2024 in a presentation by the Ministry of Economy and Planning.

The report included an analysis of the global economy, financial markets, and updates on the nation’s fiscal situation and its key indicators.

There was a 4.9% year-on-year growth in the non-oil sector during Q2 and a stabilization of general inflation rates at 1.5% in July.

The report indicated the strength of Saudi Arabia’s economy and the effectiveness of the measure taken to deal with global economic changes.

The ministry’s presentation also touched on future projects for the national economy and important reports from international and local bodies related to it.

The members also reviewed a presentation by the council’s own Strategic Management Office on the Saudi Vision report for Q1 of 2024. The report highlighted the key achievements of the Vision’s programs, strategic goals, and evaluation of their performance.

The Vision report noted that 2024 had begun with significant progress across all three pillars of the program, namely, a vibrant society, a thriving economy, and an ambitious nation.

The council also reviewed the Saudi Public Investment Fund’s annual report for 2023, traffic safety report for 2023, and a report on the social support subsidy system.