ALURAH — Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan said emerging economies are a key driver of global growth. Speaking at the opening session of the 2026 AlUla Emerging Markets Conference, he stressed the importance of exchanging practical experiences and developing pragmatic policies to address growing economic challenges.
Al-Jadaan highlighted that emerging and developing economies currently account for nearly 60% of global GDP at purchasing power parity and more than 70% of global growth, doubling their share of the global economy since 2000. He added that the 10 emerging economies within the G20 now alone contribute to more than half of global growth.
The minister said Saudi Arabia’s hosting of the conference in cooperation with the International Monetary Fund comes at a time of major transformation in the global economy. Al-Jadaan asserted that Saudi Arabia’s experience over the past decade has provided three important lessons. First, macroeconomic stability is not a constraint on growth, but an essential basis for it. Second, a sound financial framework, clear medium-term fundamentals, and disciplined debt management create the necessary space for investment and reform, especially in a volatile international context.
Al-Jadaan elaborated that structural reforms will not bring results unless institutions have the capacity to implement them effectively. He stressed that political trust is built not only through planning but also through execution, through strong governance, transparency and the ability to translate strategy into tangible results.
The third lesson, he noted, is that international cooperation has become increasingly important in a divided world situation. In this regard, he stressed that multilateral institutions, effective supervisory mechanisms and global financial safety nets are important to support emerging and developing economies in the face of repeated shocks.
He also pointed to the increasingly complex and fragmented environment these economies face, including rising debt levels, slowing trade growth and increased vulnerability to geopolitical shocks. He noted that more than half of low-income countries have experienced or are at risk of a debt crisis, while global trade growth has fallen to about half the level it was during the COVID-19 pandemic. At the same time, capital flows remain volatile and highly sensitive to global financial conditions.
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Mr. Al-Jadaan stressed that these challenges are not simply cyclical, but reflect deeper structural changes that require reliable and tailored policy responses, especially those tailored to each country’s unique circumstances. He stressed that the objective of the conference was not to issue a declaration, but to exchange practical experiences, prioritize implementation and address real constraints, while recognizing the diversity of emerging countries and avoiding a one-size-fits-all approach.
He pointed out that the partnership with multilateral institutions, especially the International Monetary Fund and the World Bank Group, constitutes a central pillar, not only as a provider of last resort, but also as a trusted advisor, facilitator of dialogue and custodian of global economic cooperation. He urged participants to be open-minded, maintain a positive outlook and remain focused on solutions, expressing hope that the discussions at AlUla will help shape collective and national responses to the rapidly evolving challenges facing the global economy.
It is noteworthy that the 2nd AlUla Emerging Economies Conference in 2026 will be co-hosted by the Ministry of Finance and the International Monetary Fund. The conference brings together finance ministers, central bank governors and economic policy makers from around the world. The conference takes place amid fundamental changes in the international trade and financial system.
Discussions will focus on challenges such as slowing growth, rising uncertainty and increasing pressure on emerging market economies.
