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2.8 MIDDLE EAST -- Saudi Arabia
2017/11/26
According to the IMF, Saudi Arabia’s GDP was 1.74% in 2016, far lower than the 4.11% recorded in 2015. The projection of 0.13% GDP growth in 2017 is also very challenging.
 
The Saudi Arabian economy is highly dependent on oil, which accounts for approximately 90% of its exports and 80% of government revenue. Aiming to move away from oil dependency and increase employment opportunities for its young population, the government is promoting ‘Saudization’, a policy that requires companies to employ a certain level of Saudi nationals in their workforce. Saudi Vision 2030 was announced in April 2016 and includes many major reforms, such as selling off some shares of the state oil company. The low price of oil globally and political uncertainty, however, impact the extent of these reforms.
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