Given the high priority of economic issues on the international agenda and their direct effects on the development and stability of nations, determining economic policies and managing economic affairs are among the most important duties and responsibilities of government authorities. Rapidly changing economic developments at the local and international levels require, more than at any previous time, that governments focus on creating an effective, productive national economy that can meet their particular needs. In view of the large number of government agencies and institutions concerned with economic affairs and the wide range of their responsibilities, it is essential to develop an organizational structure and management system that encompasses all these entities, based on sound research and analysis, to ensure coordination among the various agencies and integration of their activities, and to facilitate effective decision –making with respect to economic issues. Saudi Arabia’ economic policy is based on the principles of comprehensive social welfare and a free- market economy open to all goods, services, products, and capital, in order to achieve the following objectives: Ensuring the security, welfare, and prosperity of the society while preserving Islamic values, the environment, and the country’s natural resources, taking into consideration both present and future needs. Steady economic growth at an appropriate level to achieve a real increase in per capita income. Price stability. Providing opportunities for productive work and optimal employment of the work force. Controlling the public debt and keeping it within acceptable limits. Ensuring a fair distribution of income and opportunities for employment and investment. Expanding the economic basic and increasing the sources of government revenues. Increasing savings and developing additional savings and sound investments opportunities. Increasing government revenues and linking them to the country’s economic growth, thus allowing the government to carry out its responsibilities with respect to national development and comprehensive social welfare. Increasing capital investment and domestic savings in the national economy in an effective manner, supporting the government’s privatization program, and developing The Offset Program. Increasing the participation of the private sector in developing the national economy through the government’s privatization program. Strengthen the economy’s ability to react effectively and flexibly to changes in the international economic environment.
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Contact Information
Supreme Economic Council Secretariat General P.O. Box: 94737 Riyadh: 11614
Phone: 966-11-4803744
Fax: 966-11-4834035
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