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The impact of the economic crisis in the Saudi economy.
Finance & Accounting
Pages 40 (10040 words)
The real estate crisis that started in the US turned in a global economic recession around all corners of the globe leading to a plunge towards global financial meltdown. The strong and emerging economies of the world were in turmoil of liquidity crisis…
The project deals with the impact of economic crisis in Saudi Arabia. Saudi Arabia is a key player in the scenario of international trade, imports and exports. The effect of the economic crisis in Saudi Arabia has been compared with the impacts on the leading economies of the world which provides a comprehensive picture of the global effects of the economic crisis. Introduction Saudi Arabia is an absolute monarchy and is ruled by King Abdallah Bin Abdul Aziz Al Saud who promises of greater political participation and has been able to win the confidence of majority of the Sunni population. The economy of Saudi Arabia is based on its rich amount of oil reserves. Oil is the main resource of the economy. The country possesses around 18% of the proven reserves of petroleum in the world. Saudi Arabia is also the leading exporter of petroleum in the world. Saudi Arabia because of its rich reserves of petroleum plays the leading role in the Organisation for Oil Exporting countries. . The OPEC was created in order to ensure a steady income of the members of the organisation and also to secure the supply of oil to the consumer states all over the world. The economy of Saudi Arabia was initially dependent on agricultural with the work of agriculture one by the nomadic people who lived in the country. The discovery of oil in the country occurred in 1930 from where the kingdom of Saudi Arabia started to gain comparative advantage over the other countries in the world. ...
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