RIYADH: Emerging markets now account for a growing share of global output and are driving the bulk of world economic expansion, Saudi Arabia’s finance minister said, even as those economies grapple with rising debt and mounting geopolitical risks. 

Speaking at the opening of the annual AlUla Conference for Emerging Market Economies on Feb. 8, Mohammed Al-Jadaan said the role of emerging and developing nations in the global economy has more than doubled since 2000, underscoring a structural shift in growth away from advanced economies. 

The meeting comes as policymakers in developing markets try to keep growth on track while controlling inflation, managing capital flows and repairing public finances after years of heavy borrowing. Saudi Arabia has positioned the forum as a platform to coordinate policy responses and strengthen the voice of emerging economies in global financial discussions. 

“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,” Al-Jadaan said. 

He added: “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.” 

Launched in 2025, the conference this year brings together economic decision-makers, finance ministers, central bank governors, leaders of international financial institutions, and a select group of experts and specialists from around the world.