His comments come as Saudi Arabia is having to contend with an increasingly volatile macroeconomic and geopolitical backdrop of its own.
The price of oil has fallen around 70 percent since June 2014, when a barrel cost around $114. Since then, a glut in global supply and the failure of demand to keep up has brought prices increasingly lower. On Wednesday, oil had fallen further to $28 a barrel.
The decision by major oil producer group OPEC (whose de facto leader is Saudi Arabia) to maintain record production levels, rather than cut output, has also added to oil market woes.
While that strategy was largely designed to retain OPEC's market share and put pressure on rival oil producers, as shale oil producers in the U.S. and Canada, the policy has also damaged Saudi's domestic economy and that of its oil producing neighbors in the Middle East.
As a result, six Gulf oil-producing countries (Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates) are planning on introducing a sales tax for the first time as the drop in oil prices hits government budgets hard.
Prince Turki was confident that enough work had been done to prepare the country for tougher times.
"During the boom years, a lot was done to prepare for potential downturns like what happened recently...There are a great deal of opportunities that have been prepared for in the past ten years," he said.
"We are diversifying in our economy," he added. "I am really quite satisfied in my own mind that things are going to be much better than is thought by those in the media and among pundits and so-called experts."