Economy Of Saudi Arabia
December 10, 2014
Saudi Arabia has a mixed economy. The king of Saudi Arabi controlls most of the oil industries. Most industries are controlled by individuals, but the Saudi king controls the oil. The consumers decides what products to produce based on what they buy; however, the Saudi King decides how much oil to produced is oil.
Saudi Arabi currency is called Saudi Riyal. One Saudi Riyal is equal to 0.27 dollars.
Saudi Arabi 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 compared to all of the other Middle East coutries.
Saudi Arabi 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 perform low in monetary freedom, investmet 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 lots 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.