GROWING WINDS OF CHANGE IN SAUDI ARABIA THROUGH VISION 2030
Keywords:
Social Reforms, Vision 2030, Economic Diversification, Oil Rents, Saudi ArabiaAbstract
Abstract
Discovery of oil in the Arab peninsula in late 1930s had a pronounced effect on social life in all Gulf States. Saudi Arabia, being the largest country of the Peninsula, started its national journey on 23rd September, 1932 with very limited resources. At the end of 19th century as state coffers kept overflowing with Petro dollars. This easy money supported state finances for almost eight decades; however, at the turn of the century, its financial landscape changed. Oil prices remained under pressure for over a decade, negatively affecting Saudi economy and social welfare system. As the cash flows, slowly desiccated, national policy planners were compelled to diversify economy through industrialization and restructuring of Saudi ‘cradle to grave’ welfare system for resource generation and its better management. It analyses the possibility of success of the strategy stipulating social change due to economic downturn. The conceived change will be implemented through Royal Vision during the next decade.
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