Saudi Arabia is the second largest exporter of oil in the world. Will it be able to sustain the sustainable economy which exports oil mainly to earn two-thirds of the export revenues mainly? Here is some food for thought for the same…
1. Floating labor force and the growing young force will make the population of six million to 30 million by 2030. Will Saudi Arabia be able to provide security- monetary and social security to all the younger generation?
2. 8 sectors need attention to outgrow over dependency from oil. They are mining & metals, petrochemicals, retail & wholesale trade, tourism & hospitality, healthcare, finance and construction.
3. The approach should be more from government control to a circular economy based approach.
4. Joining WTO would give Saudi Arabia an extension to work closely with the Western Allies to out grow the over dependency on oil.
5. It will take 10-15 years to transform Saudi Arabia to a global knowledge hub. Introduction of IT services and exports, hardware and technology along with innovation will give the country a distinct advantage.
6. The gender gap must be closed. Liberal thinking in work for women in services is a greater boon.
7.Government under the King should allow flexible immigration and reverse emigration policies for the floating immigration population.
8. New banking system spread all over the world for the propensity of savings can be done.
9. Creating an entire ecosystem for demand from mortgages, affordable housing, SME financing and private wealth saving can be encouraged.
10. Preservation of laws to enhance a circular economy and then to a global hub can be appreciated by Saudi Arabia.
This are a few facts for Saudi Arabia that can help them in sustaining the sustainable economy.
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