ECONOMY OF SAUDI ARABIA
DECEMBER 10, 2014
Saudi Arabia is a mixed economy. Most of Saudi Arabia's industries are controlled by individuals except for oil. Saudi Arabia's oil industries are controlled by the king. The consumers decide how oil is produced except for oil. Saudi
Arabia's currency is Saudi riyal. One U.S. dollar is equal to 0.27 Saudi riyal.
Saudi Arabia has recently undertaken a remarkably ambitious and expensive plan – to become a world leader in technology and innovation by kicking its oil habit, shifting away from decades of single-commodity dependency and moving towards a knowledge-based economy by 2025.
Saudi Arabia ranks 3rd in the Middle East.
Saudi Arabia is once using its "oil weapon" but instead of up prices and cutting supply, its doing the reverse. Oil prices continue to tumble down. They need to rise it back up. They preform low in monetary freedom, investment freedom, property rights, and freedom from corruption. The tax regime is competitive, and the overall tax burden is low.
They should continue to develop more industries. They can make more money than usual because they are making alot of money from their main industry "oil" plus the other small industries. Its best to continue to develop more industries because their main industry is going to become extinct one day or taken from them in an oil war.