Infrastructure Investment in Saudi Arabia
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Since the 1973/74 oil price increases, Saudi Arabia has embarked a major program of infrastructure expansion. The purpose of this program is to alleviate the many bottlenecks hindering increases in the country's non-oil productive sectors. The purpose of this paper is to examine the effectiveness of the country's infrastructure program. In particular has the Saudi Arabian government's investment program been successful in reducing inflationary pressures and hence in creating an environment conducive to sustained expansion of the non- -oil private sector economy? On the other hand, has the government's massive investment in infrastructure simply created an additional inflationary source of aggregate demand for the kingdom's scarce domestic resources? The main findings of the study are that the country's infrastructure led growth has been successful in achieving its main aim: the reduction in structural sources of inflationary pressures in the non-oil sectors. In this respect, the government's strategy began paying fairly respectable growth rates, even during periods of slack oil revenues. It still remains to be see however if past infrastructure investments will be able to sustain the growth momentum built up in the late 1970s and early 1980s.
International Journal of Transport Economics, October 1990.Refereed Journal Article
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