Economic and Development Affairs Council Reviews National Economic Progress and Future Strategies.

Riyadh: The Economic and Development Affairs Council recently convened via videoconference to deliberate on a multitude of pressing economic issues. The session commenced with an evaluation of the quarterly economic report from the Ministry of Economy and Planning. This report, which encompasses an analysis of significant global economic developments and the current state of the national economy, highlighted a notable economic growth rate of 2.8% in the Kingdom during the third quarter. According to Saudi Press Agency, the council's discussions were also informed by future national economic forecasts provided by government entities, international funds, and agencies. These forecasts offered valuable insights and recommendations aimed at navigating global economic challenges. Additionally, the council examined the third-quarter report from the Ministry of Finance, which provided a comprehensive assessment of the state budget's performance for the fiscal year 2024. The report detailed financial metrics such as revenue, expenditure, and public debt indicators, emphasizing the Kingdom's ongoing commitment to development projects, social care, and the advancement of major initiatives under Saudi Vision 2030. The session further underscored the success of structural economic reforms and economic diversification efforts, which are strategically aligned with Saudi Vision 2030. Moreover, the council evaluated a presentation from the Ministry of Commerce concerning the third-quarter report of the Standing Committee for Price Monitoring in 2024. This report detailed the committee's roles, key insights, global price trends, consumption patterns, and price and inflation indicators within the Kingdom. It also outlined measures taken to ensure the availability of consumer goods and strengthen stockpiles, thereby maintaining price stability. In conclusion, the council made decisive recommendations and decisions regarding the topics discussed, reflecting a proactive approach to sustaining economic stability and growth in the Ki ngdom.