Question

Has Saudi Arabia changed in terms of type of economy in the last 10 years? How?

answer with 100 words, please do not answer in professional way

Answer 1

Answer) Saudi Arabia has aimed to create a diversified economy for more than four decades, albeit with limited success. Since the before the 1970s, Saudi Arabia has pursued nine successive five-year development programs (1970–74 to 2010–15) that sought to change its relatively underdeveloped oil-based economy into a more differing one.

At the core of the development plans were five key goals. Firstly, the Saudi leadership sought to enhance the standard of living and the quality of life for the Saudi population. Next, the Saudi government intended to diversify the country’s economic source and decrease its dependence on the production and export of crude oil. Other significant goals were to develop the kingdom’s human capital, as well as increase the role of the private sector in the national economy.

Meanwhile, diversification efforts have been less successful, with oil and oil-related industries yet accounting for roughly 90 per cent of the kingdom’s export earnings, 87 per cent of budget revenues, and 42 per cent of Gross Domestic Product (GDP) in 2017. The drop in oil prices from a high of $115 per barrel in 2013 to under $40 per barrel in late 2015 hit Saudi Arabia’s public finances hard. The mixture of lower oil prices and a quickly prospering population has lent increased urgency to Saudi policymakers seeking radical reforms.

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