Saudi Arabia is undergoing significant economic transformation aimed at reducing its dependence on oil. The government is enacting comprehensive reforms that include changes to regulatory, legal, and fiscal frameworks. These efforts are bolstered by substantial public investment in infrastructure, new economic sectors, and ambitious projects like Neom.
The results of these reforms are promising: the non-oil economy is growing steadily, inflation is under control, and unemployment among Saudi nationals is at a historic low. Additionally, the participation of Saudi women in the workforce has doubled, tourism has surged, and government revenue and exports are becoming more diversified.
However, several critical questions remain. Can the government implement such large-scale projects effectively? Will the reforms be financially sustainable, especially if oil revenues decline? Will foreign investment increase? And how will similar diversification efforts in other Gulf countries impact Saudi Arabia’s reforms?
The International Monetary Fund’s 2024 Article IV report on Saudi Arabia provides a detailed analysis of these reforms and the country’s economic outlook. A discussion hosted by AGSIW will delve into these findings.
Speakers:
- Amine Mati – Assistant Director, Mission Chief for Saudi Arabia, and Head of GCC Division, International Monetary Fund
- Karen E. Young – Senior Research Scholar, Center on Global Energy Policy, Columbia University’s School of International and Public Affairs
The views expressed are those of the authors or speakers and do not necessarily reflect the views of AGSIW.
AGSIW fosters a deeper understanding of the evolving Gulf societies and emerging leaders, highlighting the strategic role these countries will play in the 21st century.