Article
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Knowledge-Based Economy in Saudi Arabia
Version 1
: Received: 5 July 2019 / Approved: 9 July 2019 / Online: 9 July 2019 (14:15:17 CEST)
How to cite: Alomari, A. Knowledge-Based Economy in Saudi Arabia. Preprints 2019, 2019070131. https://doi.org/10.20944/preprints201907.0131.v1 Alomari, A. Knowledge-Based Economy in Saudi Arabia. Preprints 2019, 2019070131. https://doi.org/10.20944/preprints201907.0131.v1
Abstract
Saudi Arabia is an oil-reliant nation as a large percentage of its GDP comes from oil resources. Oil dependency leaves a county at the mercy of the international crude market, and a decrease in the price of crude can seriously destabilize the economy of such nations. An example is the case of Venezuela whose dependence on oil caused a national disaster (McCarthy, 2017). As such, the nation’s exports, GDP, and government revenue are primarily dependent on oil revenue, and the recent decrease in the oil prices has decreased Venezuela’s national revenue resulting in economic collapse as well as inflation. A shift from a resource based economy to a knowledge based economy will help Saudi Arabia become less reliant on its oil revenues for its economic stability and growth (Nurunnabi, 2017).
Keywords
Knowledge Based Economy Saudi Arabia
Subject
Business, Economics and Management, Economics
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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