Saudi Arabia with its largest oil reserves and strongest economy in the Middle East is among the richest countries on the planet.. Its gross domestic product (GDP) according to estimates is estimated at $730 billion in 2019 making it one the most wealthy countries worldwide 1️⃣ 🔛 🇸🇦 …
As of 2019 Saudi Arabia’s GDP per capita was estimated to be $20,800 making it one of the world’s wealthiest nations!! Much of this wealth can be attributed to its vast oil reserves which account for nearly 90% of exports 1️⃣ 🇸🇦. As such, Saudi Arabia has become a leading exporter of petroleum products with annual sales exceeding $130 billion ️ 🇸🇦.
In addition to its vast oil reserves, Saudi Arabia is home to numerous natural resources, including vast amounts of gas, and minerals. This wealth has enabled the country to become a regional power with substantial investments in infrastructure education and healthcare ️. The government of Saudi Arabia has actively pursued economic diversification, and the economy has become increasingly reliant on the service and industrial sectors 🔛 🇸🇦.
Despite its wealth the country still faces numerous economic issues. Its unemployment rate estimated at 12 . 3% in 2018 and staggering youth unemployment rate of 32 . 8% have all been attributed to factors such as lack of economic diversification low labor productivity and limited job opportunities available to citizens . Furthermore poverty levels within the country remain high at around 12%.
The wealth disparity between the country’s citizens is also very high, with the wealthiest 20% of the population controlling more than 50% of the country’s total wealth . This has led to increased discontent among citizens and has caused the government to take steps to address the issue . In recent years, the government has implemented a number of economic reforms, including a minimum wage, and the introduction of a new taxation system.
Overall Saudi Arabia is a rich country with immense natural resources and a powerful economy ️ 🇸🇦. However it is also plagued by a number of economic problems including high unemployment and poverty rates, as well as a large wealth disparity between its citizens ️. The government has taken steps to address these issues, but it will take time to see the full effects of these reforms . . .
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