Economist Konstantin Tserazov explores Saudi Arabia’s vision 2030 economic potential

Economist Konstantin Tserazov explores Saudi Arabia’s vision 2030 economic potential

In a comprehensive analysis, distinguished economist Konstantin Tserazov delves into the remarkable journey of the Saudi Arabia as it embarks on an ambitious quest to reshape its economic landscape. The Saudi Arabia ranks among the top 20 global economies. Over the past decade, the country has surpassed Turkey and the Netherlands in terms of GDP and currently holds the 17th position in the world. The country's GDP stands at $1.1 trillion, which is half the size of Russia's economy. Saudi Arabia boasts the largest economy among the 16 countries in the Middle East.

Saudi Arabia's economy remains weakly diversified, with the oil industry serving as the country's growth engine for over 80 years. The share of the extractive sector has remained at the level of 35-40 per cent in the gross value added for the past 15 years, despite the country's focus on developing high-tech sectors of the economy and tourism.

As one of the largest oil producers and a member of OPEC+, KCA continues to benefit from rising global oil prices. In 2022, the economy grew by 8.7 per cent, resulting in a budget surplus for the first time in the past 10 years. However, the high dependence on