Leaders from around the world are stressing the importance of boosting global growth and tackling economic challenges, calling for urgent action to chart a sustainable future.
Riyadh had hosted global leaders for a two-day World Economic Forum (WEF) special meeting in Riyadh.
The Special Meeting on Global Collaboration, Growth and Energy for Development 2024 – held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia – brought together key leaders to exchange perspectives, consider new data, and advance high-impact partnerships.
Attendees at the meeting stressed the importance of working together to boost sustainable economic growth and tackle obstacles.
They highlighted the need to use technology wisely amid global changes, aiming not just for economic growth but also to fix systemic issues.
They urged unified efforts to address economic slowdowns and build resilience by pooling expertise and resources to create new strategies for growth, job creation, and fair opportunities in building stronger economies.
Wide-ranging discussions at the WEF meeting delved into geopolitical and technological developments, with a focus on artificial intelligence, cybersecurity, renewable energy, logistics sectors, and other economic issues confronting the world.
Saudi Economy Minister Faisal Alibrahim stated that the global economy is still facing slow growth. He stressed the need for fair technology distribution, saying it could boost growth in less developed countries.
During the final plenary session, Alibrahim announced that the Kingdom joined the AI Governance Alliance, and will co-launch the ‘Inclusive AI Initiative for Growth and Development’, to develop solutions for AI access and adoption.
Alibrahim also highlighted Saudi Arabia’s fast-growing non-oil sectors since Vision 2030, aiming for a diverse economy led by productivity. He mentioned Saudi Arabia’s adaptability to AI technologies.
Additionally, Alibrahim discussed the recent conflicts in the Middle East, suggesting that peace in the region would help economic progress.
“We may end up with this decade being remembered as the Turbulent Twenties or the Tepid Twenties, and what we actually want is Transformational Twenties,” said Kristalina Georgieva, Managing Director of the International Monetary Fund.
“Over the next 100 years leaders must aim for the same degree of wealth as that created over the past 100 years, but with a much better distribution of the benefits of growth,” she added.
