World Bank: Vision 2030 Diversified Saudi Income Sources
Saturday, 04 06 2019, Category: Economy, Country: Saudi Arabia
Asharq Al-Awsat interviewed Daniel Lederman, Deputy Chief Economist for the Middle East and North Africa Region of the World Bank Group, to know more about the bases of the World Bank’s forecast and other economic issues.
Asked about Saudi Arabia’s future in light of the ongoing economic reforms under Vision 2030, Lederman stressed that the strategy had contributed significantly to the diversification of sources of revenues in the Saudi economy.
He added that the most important of these reforms was reducing dependence on oil as a primary source of income.
He noted, on the other hand, that structural changes that are being implemented in the Kingdom's economy and the rest of the GCC countries, which are mainly aimed at reducing dependence on oil as a main source of income, have led to a decline in their share of world oil exports, making the United States the largest oil producer in the world. This has also led to a decline in the price control of oil-exporting countries, according to Lederman.
Source: Asharq Al Awsat