Recasting Strategic Opportunities and Challenges for Development in Saudi Arabia

Recasting Strategic Opportunities and Challenges for Development in Saudi Arabia

Hun Joo Park (KDI School of Public Policy and Management, South Korea)
DOI: 10.4018/978-1-4666-9548-1.ch017
OnDemand PDF Download:
$37.50

Abstract

Thanks in part to the current world economy's high demand for oil, Saudi Arabia's economy is cruising along at the present time; however, to make such a growth or development sustainable in the long term requires a transformation of the economy from a heavily oil-dependent one to a more diversified, self-sustaining and private sector-driven economy. Thus, this article focuses on the underlying structural, social and institutional problems or reform challenges of the economy. In so doing, the present article critically examines Saudi Arabia's economic development model, while crisply reassessing the government's recent major policy responses to its development opportunities and challenges. And it offers some tentative suggestions for freshly rethinking about Saudi Arabia's national long-term development strategy and its implementation.
Chapter Preview
Top

Saudi Arabia At Crossroads

Thanks in part to the current world economy’s high demand for oil, as stated at the outset, the KSA’s economy is cruising along at the present time; however, to make such a growth or development sustainable in the long term requires a transformation of the economy from a heavily oil-dependent one to a more diversified, self-sustaining and private sector-driven economy, which constitutes a central goal of KSA’s vision 2025 (MOEP, 2005). Clearly, the KSA’s preferred future would include more balance between state and market or a friendly relationship between empowering state and globally competitive market.

Complete Chapter List

Search this Book:
Reset