“Most economic indicators in the first year appeared positive, backed by soaring oil prices and public revenues,” said a report issued by the Ministry of Economy and Planning.
Economic stability is the Kingdom’s basic strength, the report said, adding that Saudi Arabia obtained 9th place in the world in terms of economic stability, overtaking a number of developed countries.
The ministry expected the Kingdom’s global competitiveness rate and investment-friendly status to improve in the coming years as a result of the government’s economic reforms.
The 9th plan, which allocates SR1.4 trillion to development projects, focuses on improving the standard of living, increasing employment, balancing economic development across all regions, and increasing the competitiveness of the country’s economy.
The budget for this plan is approximately 67 percent larger than the previous five-year plan. Half of the government’s spending will be dedicated to human resource development, which includes education and training — reinforcing the Kingdom’s goal of creating a knowledge-based society.
Social and health care development will receive 19 percent of the budget, while economic resource development will get 15.7 percent, transportation and communications development 7.7 percent, and municipal and housing services 7 percent.
