Thanks to its solid economic base, Saudi Arabia's admission to the G20 club, which gathers the world's major 20 economies, has effectively augmented the role it was playing in the global economy. Custodian of the Two Holy Mosques King Salman had, on the March 26, 2020, chaired the virtual extraordinary G20 summit which discussed, among other issues of interest, ways of proceeding with coordinating global efforts to combat the coronavirus pandemic and curb its negative humanitarian and economic impacts. The Kingdom of Saudi Arabia had taken part in the G20 economic summit meetings since their first session held in Washington on Nov. 15, 2008, a backdrop affirming the Kingdom's high profile in such an international economic grouping. The Kingdom reiterated its commitment to continue its effective and positive role in achieving the global economic stability and its role in drafting an international economic system that achieves a balanced and sustainable growth and preserves the interests of all advanced and developing nations as well. Saudi Arabia's membership of the G20 is in recognition of its importance as a source of world energy, which is of great interest to all countries of the world, and due to its world trade volume, as well as the cutting-edge and wide-spreading influence of the financial policies it takes as regards the world trade and the global economy. Crowning its international economic capabilities, the Kingdom has established a number of economic cities, including the Riyadh-based King Abdullah Financial Center project, Middle East's first of its kind and a world-class financial facility, located in one of the largest regional economies. A World Bank recent report has paid tribute to the reforms the Kingdom has introduced in the last few years covering the fields of organization, governance and control of the banking sector, classifying it as 12th among 183 countries. The report noted that the Kingdom is exerting great efforts in coordination with the G20 members, to achieve stability and provide support for developing countries in addition to its contribution to regional and international development institutions. Saudi Arabia is committed to play an effective and positive role to achieve the global economic stability, matching with its crucial leverage to help achieve a balanced and sustainable global economy that preserves the interests of all advanced and developing countries. A recent report issued by the Organization for Economic Cooperation Development (OECD) has classified the Saudi economy as the fast-growing in the G20 for the year 2022 and 2023. In its annual report on the prospects of the world economy 2022, it announced that the GDP rate of the Kingdom would increase to 9.9%, the highest among the G20, which includes the economies of the G20 member states, emerging markets and developing economies. OECD sustained its previous forecast for the Saudi economy at 9.9% in 2022 and at a growth rate of 6 percent next year 2023. The International Monetary Fund has strongly lauded the strength of the Saudi economy and its financial status. It confirmed that the short and medium terms of the economic prospects of the Kingdom are positive, accompanied by continuing recovery of economic growth rates, containment of inflation, in addition to the increasing strength of its external economic position.— SPA
