Economic Development in Saudi Arabia

Economic Development in Saudi Arabia

by Ahmed Al Rajhi, Abdullah Al Salamah, Monica Malik, Rodney Wilson
     
 

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The changing political situation in the Middle East poses challenges for the economies of the region, and some see none more vulnerable to collapse than Saudi Arabia's. Yet as this study demonstrates, the fundamentals of the Kingdom's economy are relatively robust, as over three quarters of GDP is accounted for by the non-oil sector, and impressive modern industries

Overview

The changing political situation in the Middle East poses challenges for the economies of the region, and some see none more vulnerable to collapse than Saudi Arabia's. Yet as this study demonstrates, the fundamentals of the Kingdom's economy are relatively robust, as over three quarters of GDP is accounted for by the non-oil sector, and impressive modern industries have been established, notably in petrochemicals. The financial system functions well, and despite substantial government debts, there is low inflation and currency stability. The private sector increasingly drives the economy, although job creation has been insufficient to prevent rising youth unemployment. The development challenges Saudi Arabia faces are similar to those of other middle-income countries, and three decades of diversification have made the economy less unique than it was in the oil boom years of the 1970s.

Product Details

ISBN-13:
9780700717293
Publisher:
Taylor & Francis
Publication date:
12/09/2003
Series:
Durham Modern Middle East and Islamic World Series
Pages:
208
Product dimensions:
6.14(w) x 9.21(h) x 0.56(d)
Age Range:
18 Years

Meet the Author

Rodney Wilson is Professor of Economics at the Institute for Middle Eastern and Islamic Studies, University of Durham. His main research interests are the trade and finance of the Middle East. His previous books for Routledge include Economic Development in the Middle East.

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