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The new liberalization policy shift in Saudi Arabia
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The new liberalization policy shift in Saudi Arabia
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1The new liberalization policy shifts in Saudi Arabia
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Introduction
Saudi Arabia's leaders are under increased pressure to address critical economic and
population challenges if the Kingdom maintains its current stability and affluence. These are
some examples: Approximately 45 percent of the population, or approximately 26 million
individuals, are under 25. Even while the official unemployment rate is less than 6% (private
estimates are substantially higher), and traditional employers, such as the state and oil sectors,
struggle to keep up with the increased demand for jobs and prospects, about one-third of young
Saudis are unemployed. Young Saudis in cities demand change since society is extremely
conservative on social problems, particularly those involving women. In response, the country's
youthful crown prince, Mohamed bin Salman, popularly known as MBS, has implemented some
well-received changes to society and is currently implementing major changes to the economy.
However, there appears to be no likelihood of the political system becoming truly democratic
and open at this time. According to Al Rawashdeh and Campbell (2022), a secure Saudi Arabia
that is fully integrated into the international community is critical for regional security, stability,
and the global economy's health. The United States may gain from Saudi Arabia's reforms by
investing more in the country's thriving economy.
But there are still a lot of problems and unknowns that need to be solved. Globalization,
driven by liberalization and new technology, brings opportunities and risks to how the private
sector works in Saudi Arabia (Abid & Alotaibi, 2009). (2020). With more access to markets,
technologies, and international partners come more competition, which is now not just about
price but also quality, speed to market, and uniqueness. Saudi businesses and industries must
keep improving their product and process technologies and be flexible enough to adjust quickly
to market and competition changes if they want to do well in the new competitive environment.
, 3
In turn, this requires an effective legal and regulatory framework, the availability of relevant
information, expertise, and skills, and strong networking between buyers and suppliers. The
financial system will need to be greatly strengthened to keep up with the growing needs (Suhel et
al., 2020). If you want the benefits of globalization to outweigh the costs, you need to become a
lot more competitive. Governments must be ready to carry out their current reform program and
proactively broaden and deepen it in response to new problems. This article shows how Saudi
Arabia has recently changed its policies to make them more open.
Statement of Significance
Saudi Arabia is now on the road to a quick recovery after a pandemic caused a deep
recession. The economy recovered with solid growth, low inflation, and a strong banking sector
because of an influx of cash and government support, the momentum of change under Vision
2030, and high oil prices and production. Rafique and Butt report that the Saudi government
announced Vision 2030 to diversify the economy and cut down on welfare and subsidy spending
(2021). Long-term political and social reforms, like the collapse of the political order and the
creation of new social contracts that don't depend on how oil money is shared, are not part of the
vision, though. Bafarasat and Oliveira (2021) say that for economic growth in the Kingdom,
which is getting ready to switch from a rentier economy to a production-based economy, there
needs to be a more inclusive and participatory political structure (and eventually a knowledge-
based economy).
The study is important for other countries with the same economic inflation because it
will help them decide how to change their liberalization policies. Because policy liberalization
has raised GDP and increased exports, countries are now better able to compete on the world
stage. Because of this, many countries with low incomes rely heavily on money from service
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