Pascal Donahue, Executive Director and Head of Knowledge at the World Bank Group, confirmed that Saudi Arabia provides a clear model that has contributed to strengthening the strength of its economy through Vision 2030.
In an interview with Al Arabiya Business, Donohoe explained that the bank works with Saudi authorities to benefit from and exchange experiences from other countries.
Evaluating the results of Saudi Vision 2030, Mr. Donohoe said, “This vision has played an important role in strengthening the Saudi labor market.” He explained that the opening of the World Bank Knowledge Center in Riyadh reflects the country’s desire to deepen cooperation with Saudi Arabia.
3 main axes
Donohoe said the global economy and region are witnessing a slowdown as a result of current challenges, noting that the bank is working with governments to support their economies by providing around $20 billion in loans, which could reach $50 billion with Saudi support.
He said the region’s economy continues to grow despite the challenges, although the situation of uncertainty affects economic growth.
“The World Bank is focused on diagnosing challenges and working with governments to address them,” he said. He pointed out the importance of cooperation with Saudi Arabia.
He explained that the World Bank is focused on three main axes: supporting job creation, strengthening its presence on the ground, and supporting economies affected by the crisis.
He said the World Bank Group has the capacity to provide over $22 billion in loans, which could increase to $50 billion if economic conditions permit. Regarding the employment file, Mr. Donohoe said employment is at the core of the World Bank’s work.
Slowing global growth
Commenting on the impact of geopolitical tensions, Mr Donohoe said: “The global economy is witnessing slowing growth as pressures related to inflation and food price increases continue.”
He explained that the bank is focusing on two parallel avenues. The first is to cope with current shocks, and the second is to build a more resilient economy in the future.
On the impact of artificial intelligence, Mr Donohoe said the opportunities it offers outweigh the challenges and stressed the importance of investing in education and training. He noted that artificial intelligence can improve production and incomes in developing countries, and explained that the bank sees opportunities to create new jobs in multiple areas.
Paschal Donohoe, Executive Director and Director of Knowledge at the World Bank Group, acknowledged that Saudi Arabia provides a clear model through Vision 2030, which is contributing to strengthening the economy’s resilience.
In an interview with Al Arabiya Business, Donohoe explained that the bank is working with Saudi authorities to benefit from the experience and share it with other countries.
Evaluating the achievements of Saudi Vision 2030, Mr. Donohoe said, “This vision has played an important role in strengthening the Saudi labor market.” He clarified that the opening of the World Bank Knowledge Center in Riyadh reflects the country’s desire to deepen cooperation with Saudi Arabia.
three pillars
Donohoe said the global economy and the region’s economy is experiencing a slowdown due to current challenges, and said the bank is working with governments to support their economies by providing around $20 billion in loans, which could reach $50 billion with Saudi support.
He said the region’s economy continues to grow despite the challenges, although uncertainty affects economic growth.
“The World Bank is focused on diagnosing challenges and working with governments to address them,” he said. He emphasized the importance of cooperation with Saudi Arabia.
Mr. Donohoe explained that the World Bank is focused on three main pillars: supporting job creation, strengthening its presence on the ground, and supporting economies affected by the crisis.
He said the World Bank Group has the capacity to provide over $22 billion in loans, which could increase to $50 billion if economic conditions permit. Regarding the employment file, Mr. Donohoe said employment is at the core of the World Bank’s work.
Slowing global growth
Commenting on the impact of geopolitical tensions, Mr Donohoe said: “The global economy is experiencing slowing growth as pressures related to inflation and food price increases continue.”
He explained that the bank is focused on two parallel paths. The first is to deal with current shocks, and the second is to build a more resilient economy in the future.
On the impact of artificial intelligence, Mr Donohoe said the opportunities it presents outweigh the challenges and stressed the importance of investing in education and training. He noted that artificial intelligence has the potential to increase productivity and incomes in developing countries, and revealed that the bank sees opportunities to create new jobs in various sectors.
