STRUCTURAL CHANGES AND HOW TO EXPAND THE PRODUCTIVE BASE OF THE SAUDI ECONOMY
Journal Title: Journal of Experimental Biology and Agricultural Sciences - Year 2018, Vol 6, Issue 1
Abstract
The study measures the structural changes brought in Saudi Arabia by virtue of its economic development plans in order to expand the productive base of the economy. This study, in achieving its objectives regarding standard economic analysis, made use of secondary data issued by the Saudi Arabian Monetary Agency. In the study results, the values of the Spearman and Kendall rank correlation coefficients were both positive and statistically significant; this suggests that the structural changes that took place in the Saudi economy during the execution of development plans were not substantial. It was found that during the study period, the private sector in that country accounted for 46.3% of all fixed capital, followed by the public sector (32%) and the oil sector (10%). The investment multiplier indicates a SAR1 million increase in fixed investment, which in turn led to increased contributions to the Saudi gross domestic product by the oil sector and the private and government sectors. Under the even redistribution in 2014 of fixed investment among the economic sectors, the oil sector is thought to have contributed 66.7% of the resulting estimated income of SAR 5,096.06 billion, followed by the government sector (20.9%) and the private sector (12.5%). Finally, the study results suggest that there is a need to expand the productive base by taking the following actions : (i) increasing the investment multiplier in the private sector, through the localization of technology and increasing both production and productivity, and (ii) forwarding investments in (and mobilizing resources toward) productive nonoil sectors in the Kingdom of Saudi Arabia.
Authors and Affiliations
Mohammad H. Al-Qunaibet, Khalid Nahar Alrwis, Adel M. Ghamen, Sharaf Aldin Bakri Ahamad, Nageeb Mohammed Aldawdahi
Keywords
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- EP ID EP589944
- DOI 10.18006/2018.6(1).142.149
- Views 69
- Downloads 0
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