ECONOMY OF SAUDI ARABIA IN THE CONDITIONS OF DROP IN OIL PRICES AND ITS DIVERSIFICATION: NEED AND OPPORTUNITIES


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Abstract

In article economic and social situation of the Kingdom of Saudi Arabia in the conditions of fall of the prices in the world oil market is analyzed. The author showed a negative impact of a protracted oil crisis on national economy and the social sphere. The author proves a conclusion about need of acceptance of the state measures for more active development of not oil segment of national economy for the purpose of ensuring sustainable and long-term social and economic development of the country. The author shows that diversification of economy of Saudi Arabia requires also activization and geographical diversification of foreign economic activity.

About the authors

Vasiliy Igorevich Rusakovich

Plekhanov Russian University of Economics

Author for correspondence.
Email: wbox001@mail.ru

Candidate of Economic Sciences, Associate Professor of the Department of World Economy at the Plekhanov Russian University of Economics

117997 Moscow, Stremyanny per. 36

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