Reforms and Economic Planning

Chapter

Abstract

In the space of a few years since the first edition of this book in 2005, the Kingdom has witnessed some fundamental changes taking place which few would have predicted to happen so soon. The entry of Saudi Arabia to the World Trade Organization in 2005 was probably one catalyst to speed up domestic economic and administrative reforms, but the momentum for change was already in the making, primarily driven by King Abdullah bin Abdulaziz. Upon succeeding to the throne in August 2005 following the death of King Fahd, the Custodian of the Two Holy Mosques, the King’s official title, embarked on a series of domestic reforms the outcome of which are not yet fully certain, but which will determine the direction and pace of Saudi economic development over the next decades. The outcome is not important just for Saudi Arabia, but for the wider world given the Kingdom’s strategic geopolitical importance in the world and its enhanced role in such bodies as the G20 bloc and multilateral organizations like the International Monetary Fund and the World Bank. Saudi Arabia continues to play a significant role in energy matters, possessing around a quarter of the world’s proven oil reserves.

Keywords

Hydrocarbon Income Marketing Turkey Expense 

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Copyright information

© Springer Science+Business Media, LLC 2010

Authors and Affiliations

  1. 1.Department of Finance and EconomicsKing Fahd University of Petroleum and MineralsDhahranSaudi Arabia

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