Hello everyone
This week we are
in Saudi Arabia and I will tell you guys something about the economy. Saudi
Arabia has an oil-based economy with strong government control over major
economic activities. Saudi Arabia possesses 18% of the world’s proven petroleum
reserves. It’s ranked as the largest exporter of petroleum and plays a leading
role in OPEC.
The petroleum
sector accounts for roughly 92.5% of budget revenues, 55% of GDP and 90% of
export earnings. Five and a half million foreign workers play an important role
in the Saudi economy. The private sector growth is encouraged by the government
to lessen the kingdom’s dependence on oil and increase employment opportunities
for the swelling Saudi population.
After many years
of negotiations Saudi Arabia acceded to the WTO. They did this as a part of its
effort to attract foreign investment and diversify the economy. Because of the
high oil revenues can the government post large budget surpluses. Riyadh has
been able to boost the spending on job training and education, infrastructure
development and government salaries.
So that was it
for this week
Talk to you soon!
Xoxo
Mieke
Geen opmerkingen:
Een reactie posten