The Saudi Arabian Economy Policies, Achievements, and Challenges
The Saudi Arabian economy has changed almost beyond recognition since the oil boom days of the 1980s, and the Kingdom itself has changed too economically, socially, and demographically. In the second edition of The Saudi Arabian Economy, Mohamed Ramady us
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The Saudi Arabian Economy Policies, Achievements, and Challenges Second Edition
Mohamed A. Ramady King Fahd University of Petroleum & Minerals
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Mohamed A. Ramady Department of Finance and Economics King Fahd University of Petroleum and Minerals Dhahran 31261, Saudi Arabia [email protected]
ISBN 978-1-4419-5986-7 e-ISBN 978-1-4419-5987-4 DOI 10.1007/978-1-4419-5987-4 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2010930268 © Springer Science+Business Media, LLC 2005, 2010 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Your old men shall dream dreams: your young men shall see visions Dedicated to my children Ali, Faisal and Layla and all the young men and women of the Arab world
Contents
Part I
The Setting
1 Overview . . . . . . . . . . . . . . . . . . . . . . . Introduction . . . . . . . . . . . . . . . . . . . . . . Setting the Stage . . . . . . . . . . . . . . . . . . . The Financial Sector . . . . . . . . . . . . . . . . . The Heart of the Kingdom: The Hydrocarbon Sector The Foreign Sector . . . . . . . . . . . . . . . . . . Meeting Future Challenges . . . . . . . . . . . . . . Conclusions . . . . . . . . . . . . . . . . . . . . . . Part II
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3 3 4 5 6 8 9 12
The Development Process
2 Reforms and Economic Planning . . . . . . Difficult Decisions Being Taken . . . . . . . Economic Diversification Remains Critical . . Reforms at Centre Stage . . . . . . . . . . Transforming the Judicial System . . . . . National Economic Planning: The Framework Strategic Choices . . . . . . . . . . . . . . The History of Saudi Planning . . . . . . . . Plan Achievements . . . . . . . . . . . . . The Performance of the Saudi Economy . . . Economic Diversification: Realities . . . . . . Composition of Saudi GDP . . . . . . . . . . The Challenges Ahead . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . Summary of Key Points . . . . . . . . . . . .
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