DAVOS: Stability is the crucial ingredient for long-term economic growth, especially in an increasingly fragmented global economy, Saudi ministers said on Thursday at the World Economic Forum in Davos.
It is not something that can be purchased or improvised, said Faisal Alibrahim, the minister of economy and planning, it must be developed patiently.
“You have to build it, accumulate it over time, for it to be the right kind of stability,” he said. “We treat it as a discipline,” he added.
Speaking during a panel discussion on the Saudi economy, Alibrahim and Finance Minister Mohammed Al-Jadaan outlined the ways in which the Kingdom has sought to capitalize on stability as a competitive advantage.
They highlighted in particular the use of predictable policymaking, disciplined public finances, and long-term planning under the Kingdom’s Vision 2030 plan for national development and diversification.
