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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 ...
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Economic Development in Saudi Arabia

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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.
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Product Details

Table of Contents

List of tables
List of figures
Acknowledgements
1 Introduction 1
2 Which development paradigm? 6
3 Government economic policy 20
4 Oil, gas and petrochemicals 39
5 The banking sector and financial markets 56
6 International trade and GCC economic relations 75
7 Employment issues 94
8 Employment conditions in SABIC 111
9 The role of the private sector 126
10 The electricity industry 139
Notes 165
Bibliography 178
Index 186
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