Saudi 2015-19 Plan Targets 5% Growth

Saudi Arabia’s tenth five-year development plan (2015-19) will target an annual growth rate of 5%, Saudi Minister of Economy and Planning Muhammad al-Jasir said at the Euromoney Saudi Arabia conference held earlier this week in Riyadh.

The minister added that the kingdom should adopt new “qualitative measures” to improve the process of economic development, signaling a shift of emphasis from its drive to raise living standards by merely spending on welfare.

This time the plan should concentrate more on “the quality of spending, the quality of the deliverables and the quality of the services that are provided to our people,” he was quoted as saying by Saudi state-backed daily Arab News. Mr Jasir went to say that priorities had not changed significantly and that citizens’ welfare was the paramount concern, with infrastructure continuing to receive significant allocations of government spending. (CONTINUED - 633 WORDS)