The Viability of Saudi Arabian Industrial Diversification Efforts: the Consequences of Declining Government Expenditures
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Given the probability that Saudi Arabia will not be able to significantly increase its oil revenues in the near future, the major problem facing the government will be how best to utilize its dwindling oil revenues to generate positive overall rates of economic growth, while at the same time meeting to the fullest extent possible the basic needs of the majority of the population. Clearly any future growth strategy must involve devising means whereby the private sector will assume a more important role in expanding not only output, but perhaps more importantly in sustaining a level of effective domestic demand to stave off any further recessionary tendencies stemming from reduced government expenditures. This is especially critical in the non-hydrocarbon manufacturing sector, which is almost totally dependent on the local market for sales.
Rivista Internazionale di Science Economiche e Commerciali, January, 1991.Refereed Journal Article