Recasting Strategic Opportunities and Challenges for Development in Saudi Arabia

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Author(s): Hun Joo Park (KDI School of Public Policy and Management, South Korea)
Copyright: 2016
Pages: 12
Source title: Handbook of Research on Comparative Economic Development Perspectives on Europe and the MENA Region
Source Author(s)/Editor(s): M. Mustafa Erdoğdu (Marmara University, Turkey)and Bryan Christiansen (PryMarke, LLC, USA)
DOI: 10.4018/978-1-4666-9548-1.ch017

Keywords: Business & Management / Business Science Reference / Economics & Economic Theory / Economics and Economic Theory

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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.

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Recasting Strategic Opportunities and Challenges for Development in Saudi Arabia

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