The membership of Saudi Arabia in G20 came as a result of its increasing leverage as an exporter and price setter for global energy. The increase in the volume of its international trade and its financial resources is expected to further hit new highs in the near future and leave an impact on the global economy. Saudi Arabia adopts financial policies that have a clear impact at the global level, and that affect the global economic activity and trade, as well as a rational policy of investing in global securities. The growth of the Saudi economy has led to its classification among the best emerging economies in the world, alongside China, India and Türkiye. This is due also, in no small measure, to the sound economic weight that the Kingdom carries in the Arabian Gulf region, the Middle East and the rest of the Arab countries. The Kingdom's membership in the G20 group enables periodic communication with senior global financial and economic policy makers, and helps boost cooperation with major players in the world. Proof of its global economic potential is the many economic cities it established, as well as its embarking on the construction of King Abdullah Financial Center project, on an area of 1,600,000 sqm, in the city of Riyadh. This is one of the major financial centers in the world located in the heart of one of the largest economies in the region and the first of its kind in the Middle East in terms of size, organization, technical specifications and equipment. The World Bank report praised the reforms embarked upon by the Kingdom in recent years in the areas of regulation and supervision of the banking sector. Saudi Arabia ranked 12th out of 183 countries according to the report, which indicates that the Kingdom, through its membership in and coordination with the G20 countries, is making great efforts to achieve stability in and lend support to developing countries. This is in addition to contributing to regional and international development institutions. The Kingdom is known for its moderate economic positions and decisions concerning its comprehensive development, and is committed to playing a positive, active role in achieving global economic stability. The OECD Horizons annual report said the Saudi economy performed the best among the G20 countries in 2022 and 2023. In 2022, the Saudi economy achieved an 8.7% GDP growth, the highest among the G20 countries that year, despite the complex economic conditions and challenges the world experienced. This exceeded the expectations of international organizations, which estimated a maximum growth of 8.3%. The growth rate so far this year is the highest annual rate in the last decade. The Kingdom of Saudi Arabia placed first among the G20 countries in terms of growth of worker productivity in 2022, which, according to the International Labor Organization, reached 4.9%. This figure represents the highest productivity growth rate achieved by the Kingdom, according to the same source. It stood at -6.3% in 2019, rose to 4.4% in 2021, and reached its highest level in 2022. In the aviation security audit, carried out by the International Civil Aviation Organization for its member states to ensure their compliance with international standards, the Kingdom obtained a score of 94.4% in security precision, ranking seventh among the G20 member states. According to the International Telecommunication Union, the Kingdom ranked second among the G20 member states and fourth globally in the readiness of digital regulations, following its success in building a sustainable regulatory framework and shifting toward digital regulation to enable the digital economy. As one of the leading countries in communication and information technology among the G20 states, and based on its great cumulative achievements, the Kingdom could transform the digital economy working group into a permanent working group. It could lead the G20 member states to consensus and align them to the road map for defining and measuring the digital economy. It also adopted reliable, human-centered artificial intelligence, and a combination of all these developments led to the firming up of its position as a leading technological destination at regional and global levels. The Kingdom has led international efforts to carry out investments and innovations to bridge the digital gap by experimenting with 5G networks via the high-altitude platform station (HAPS) system, which proved its effectiveness in covering approximately half a million square kilometers in remote areas. All of these developments and major leaps achieved by the telecommunications sector with its accelerated steps to keep pace with technological developments and advancements have sped up the Kingdom's progress in relevant indicators and reports. As a result, it ranked 2nd in digital competitiveness among the G20 member states, according to the European Center for Digital Competitiveness. The Kingdom has also reached third place globally in the GovTech Maturity Index (GTMI) issued by the World Bank Group for 2022, and has been a role model for the world in bridging the digital gap, as having succeeded to cover 99% of its total population with digital infrastructure. The Kingdom was the first to connect the disconnected world through the Non-Terrestrial Networks (NTN) program and link it with terrestrial networks, which is one of the main solutions that will accelerate bridging the digital gap. It has also inaugurated the largest virtual hospital in the world that uses artificial intelligence to provide advanced medical services, all in the service of humanity. In terms of empowering youths and women, the Kingdom has taken in a short time a huge leap, with women participation growing from 7% to 33% in the technological sector, exceeding the average in the G20 and EU. Saudi Arabia has ranked third in the IPO and boards of directors indicators among the G20 countries, making it one of the top three in six out of 12 indicators related to the financial market at G20 level. The Kingdom also ranked 17th out of 64 countries that are the most competitive in the world, becoming one of the top 20 countries for the first time in the Global Competitiveness Yearbook report issued by the Global Competitiveness Center of the International Institute for Management Development. This is considered one of the main competitiveness reports monitored and analyzed by the National Competitiveness Center in coordination with relevant government agencies. The Kingdom has advanced seven places in 2023, supported by strong economic and financial performances in 2022, and due to improved business legislation, which made it rank third among the G20 member states for the first time. It surpased countries with advanced economies such as Republic of Korea, Germany, France, Japan, Italy, India, United Kingdom, China, Mexico, Brazil and Türkiye. The Kingdom's entry into the G20, which counts the 20 most powerful economies in the world, is testimony to the increase in the influence it plays in the global economy. This is due to its solid industrial economic base, its important role in formulating global economic policy and to its being a safe destination for investment by various countries of the world. — SPA
