Saudi Arabia’s economic reforms have to beat the clock

Unlike economic transformations spread over 20 years, it needs to do so in much less.  Saudi Arabia has long relied on oil to fuel its economic growth and development. Last year, oil accounted for about three-quarters of the Kingdom’s total export revenues and around 90 per cent of government revenue. But the recent collapse in oil prices highlighted what should long have been clear: Saudi Arabia, like the other oil and gas rich nations of the Middle East, needs a more diverse development model.

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Saudi Arabia’s economic reforms have to beat the clock

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