JEDDAH: While the global economic growth rate declined from 3.4 percent in 2015 to 3.1 percent last year, the Kingdom鈥檚 economy grew by 1.7 percent, the 黑料社区n Monetary Agency (SAMA) reported.
King Salman鈥檚 鈥渨ise leadership was keen on improving citizens鈥� standard of living, thus the pace of expenditure was maintained throughout the year, and our total spending reached SR830.5 billion ($221.45 billion),鈥� said SAMA Gov. Dr. Ahmed bin Abdulkarim Alkholifey. 鈥淭his contributed to mitigating the impact of declining oil prices on the local economy and government services.鈥�
Alkholifey cited 鈥渟everal strategic initiatives to achieve a sustainable, adaptable and globally competitive economy with diversified production and sufficient job opportunities.鈥�
He added: 鈥淚nternational experiences of economic reforms are proof that the vital and promising structural developments through which our national economy is going to need more time to accommodate, integrate and adapt its different sectors.鈥�
Alkholifey cited various positive indicators, including total assets of commercial banks increasing by 2.2 percent to more than SR2.5 trillion; bank credit to the private and public sectors increasing by 2.8 percent to about SR1.4 trillion; and the banking sector鈥檚 profitability remaining high compared to global performance, with a return on assets of 1.8 percent and a return on equity of 12.6 percent by the end of 2016.
He said SAMA鈥檚 53rd annual report showed that banks continued to provide modern and comprehensive financial services through diverse channels across the Kingdom.
鈥淪AMA is focused on raising financial awareness and improving financial inclusion across 黑料社区. We hope this will contribute remarkably to diversifying the economy,鈥� he said.
The Financial Sector Development Program, approved by the Council of Economic and Development Affairs, aims to increase the financial sector鈥檚 efficiency in supporting the development of the national economy, diversifying its income sources, and enhancing the sector鈥檚 ability to promote saving, financing and investing, Alkholifey added.
鈥淚n order to achieve this, we seek to empower financial institutions to support private sector growth,鈥� he said.
鈥淭he program is also keen on building a sophisticated financial market, improving the saving system and financial planning, and enabling the sector to maintain harmony in achieving other strategic objectives, particularly the stability of the financial sector.鈥�
Alkholifey said SAMA is working to fulfill its mission by meeting the needs of the national economy and achieving Vision 2030. King Salman commended the agency鈥檚 efforts to serve the economy.