Global economic leaders have highlighted the critical need for emerging economies to implement a new phase of reforms centred on unleashing private sector potential to secure job-rich growth in an increasingly shock-prone world, according to a statement issued following a high-level summit in Saudi Arabia.
According to an official report today, the declaration was made by Saudi Finance Minister H.E. Mohammed Aljadaan and IMF Managing Director Dr. Kristalina Georgieva at the conclusion of the second annual AlUla Conference for Emerging Market Economies, held on February 8-9.
The forum, co-organised by the Saudi Ministry of Finance and the International Monetary Fund, brought together policymakers, leading academics, and heads of financial institutions to address the shared difficulties and opportunities facing developing nations.
Discussions at the two-day gathering focused on navigating a global environment marked by persistent uncertainty, geopolitical shifts, and rapid technological transformation. These trends, the statement noted, create an urgent need for stronger policy frameworks.
A primary message from the summit was that sound macroeconomic and financial policies, supported by robust institutions and effective governance, remain the foundation for stability. The experience of many emerging markets has shown these frameworks help achieve better inflation outcomes and maintain financial stability.
Having built this stability, the leaders stressed that these economies must now advance to the next stage of reforms. Unleashing the private sector was identified as the centre of this effort to deliver higher and more sustained growth.
Specific recommendations included deepening financial markets, reducing barriers to entrepreneurship and investment, and strategically harnessing artificial intelligence. This involves significant investment in digital infrastructure and equipping young people with the necessary skills for the evolving global job market.
Furthermore, the statement emphasised that in a world of shifting trade patterns, deeper regional integration offers significant opportunities. Boosting trade and strengthening cooperation are seen as critical for adapting to the changing economic landscape.
The co-organisers expressed encouragement at the commitment shown by the participating nations to learn from one another and act decisively, confirming that the discussions will be built upon in future editions of the conference.