Finance minister: Recent events highlight need for economic resilience and production diversification

Finance Minister Mohammed Al-Jadaan emphasized the need for economic resilience and production diversification in light of recent global shocks. He highlighted the importance of economic flexibility, diversifying production, and maintaining reserves to strengthen defenses against shocks. Al-Jadaan spoke at the conclusion of the G20 Finance Ministers and Central Bank Governors meeting, which was held under the United States presidency.

He emphasized that growth challenges differ across economies and evolve as countries develop, stressing the necessity of identifying constraints and tailoring policies and reforms accordingly. The finance minister also participated in the Global Imbalances session, stressing that external surpluses and deficits should be assessed based on domestic conditions and structural factors, rather than solely focusing on trade flows.

In the Sovereign Debt session, Al-Jadaan advocated for a more robust international framework to address debt challenges, extending beyond crisis responses to ensure debt sustainability and limit unproductive accumulation. In a private forum, he discussed economic developments and cooperation opportunities with private sector leaders in artificial intelligence and bilateral meetings with finance ministers and central bank governors from participating countries and senior officials from international financial institutions.