The emerging markets are increasingly contributing to the world’s output and are spearheading the major world economic growth and development, the Saudi Arabian Finance Minister, Mohammed Al-Jadaan, said, despite these economies struggling with growing debt and increasing geopolitical risks.
Addressing the AlUla Conference on Emerging Market Economies on February 8, Mohammed Al-Jadaan noted that the contribution of emerging and developing countries to the global economy has increased more than twofold since 2000, which represents a structural change of growth not dependent on advanced economies.
The meeting coincides with policymakers in developing countries struggling to keep growth on course and inflation under control, as they manage capital flows and repair their own broken finances after years of binge borrowing.
Saudi Arabia has made the forum a platform to organize policy responses and provide a stronger voice to emerging economies in the global financial talks.
Al-Jadaan said, “This conference takes place at a moment of profound transition in the global economy. Emerging markets and developing economies now account for nearly 60 percent of the global gross domestic product in purchasing power terms and 70 percent of global growth.”
He stated, “Today, the 10 emerging economies and the G20 alone account for more than half of the world’s growth. Yet, emerging markets face a more complex and fragmented environment, elevated debt levels, slower trade growth, and increasing exposure to geopolitical shocks.”
The conference was launched in 2025, and it will gather economic decision-makers, finance ministers, central bank governors, the heads of international financial institutions, and a few experts and specialists all over the world.
