Council of Economic Affairs reviews key local, global economic updates

The Council of Economic and Development Affairs (CEDA) held a video conference meeting to review several economic reports and topics on its agenda, state-run SPA reported.

The council discussed performance indicators for a number of key sectors, as well as the government efforts to spur local economic indicators, in line with the goals of Vision 2030, and keep inflation rates at low levels estimated at 1.7%.

Moreover, it reviewed local and global economic developments, including an analysis of the latest developments in international economic indicators and main challenges facing the global economy.

The council also touched on the repercussions of geopolitical tensions on the global economy, trade and investment, in addition to the main potential economic scenarios at the local and international levels.

It highlighted the continued positive indicators of the Kingdom’s economy and achievement of the goals of Vision 2030.

This was evident in the strong foreign investments in the Kingdom according to the latest data of the Saudi Central Bank (SAMA), with foreign investment inflows hitting SAR 7.99 billion ($2.13 billion) in the third quarter of 2023, a rise of 29.1% quarter-on-quarter, despite the global economic challenges.