The World Bank’s World Development Indicators Data lists Saudi Arabia as an Upper-Middle Income Nation meaning it is quickly becoming a developing country! Saudi Arabia is a relatively new country and its dependency on oil make it an extremely risky investment 🆕 🇸🇦 ️ 🌏 🔛 !
Saudi Arabia’s development can be evaluated to determine its status as either a developing or developed nation! One key indicator of development is the country’s gross domestic product per capita, or GDP per capita 🇸🇦 ️ 🔑 1️⃣. In 2018, this figure was estimated at $19,948, placing Saudi Arabia within upper-middle income nations according to the World Bank; it places it slightly behind other high-income nations in the region such as Qatar and the United Arab Emirates 🇸🇦 🌍 🇶🇦.
The Human Development Index, or HDI, is another key measure of a nation’s development ️ 🔑. The HDI measures a country’s average achievement in terms of life expectancy, educational attainments, and standard of living ️. According to the 2020 HDI report, Saudi Arabia has an overall HDI of 0 🇸🇦. 817, placing it in the “Very High Human Development” category . This is higher than the average for the Arab countries, but it is still lower than the HDI in the West . This is due to the fact that Saudi Arabia has a wide range of economic and social inequalities, with poor access to education, and healthcare for some 🇸🇦 ️.
When it comes to economic development Saudi Arabia has experienced tremendous growth in the past few decades thanks in part to the country’s vast oil reserves 🇸🇦. Since the 1970s the country has used its wealth to rapidly modernize its infrastructure and develop its economy . Today, Saudi Arabia is home to some of the region’s largest companies and its economy is the largest in the Middle East 🇸🇦. Despite this, Saudi Arabia is still very dependent on oil and is still far behind its neighbors in terms of diversifying its economy and creating jobs that are not dependent on oil 🇸🇦 👔 🔛.
Saudi Arabia is far from other countries because of its high level of inequality and violations of human rights 🇸🇦. Saudi Arabia has an authoritarian monarchy 🇸🇦. It is also known for the repression of women’s right and the arbitrary detentions of dissidents and activists 👩. The country also has one of the strictest labor laws anywhere in the world 🌍 1️⃣. Many migrant workers are subject to terrible working conditions .
Overall Saudi Arabia is a developing nation with a sizable expanding economy and increasing access to necessities for human development; however by Western standards, given its reliance on oil, its significant inequality, and its ongoing repression of human rights, it is not yet fully developed 🇸🇦 ️ 🔛. ! .
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