The changing political situation in the Middle East poses challenges for the ecomies of the region, and some see ne more vulnerable to collapse than Saudi Arabia's. Yet as this study demonstrates, the fundamentals of the Kingdom's ecomy are relatively robust, as over three quarters of GDP is accounted for by the n-oil sector, and impressive modern industries have been established, tably 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 ecomy, 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 ecomy less unique than it was in the oil boom years of the 1970s.
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.
Al Rajhi Ahmed, Al Salamah Abdullah, Monica Malik, Rodney Wilson
Taylor & Francis Ltd
Date of Publication
Economics: Textbooks & Study Guides
Durham Modern Middle East and Islamic World Series