The world's top oil exporter has embarked on an ambitious reforms programme in recent years to modernize its economy, create jobs, and reduce its dependence on oil revenues.
"This programme would represent savings for the government of about 800 billion riyals over the next 10 years which can be utilized for investment." Hit hard by lower crude prices and the coronavirus crisis last year, the kingdom has recently announced plans to accelerate domestic investment, in a multi-trillion-dollar spending push led by state oil giant AramcoIn an attempt to shift the burden of some of the planned investments away from the treasury, some companies have been asked to lower the dividends they pay to the government to boost capital spending.
Unemployment was at 12.6% at the end of 2020, down from a record high of 15.4% in the second quarter last year when the economy was in the throes of the pandemic, but well above the 7% rate the kingdom wants to reach by 2030.
From oil to natural gas, a byproduct. Cute
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Source: TheEconomist - 🏆 6. / 92 Read more »