Saudi economic transformation reduces impact of global shocks, analyst says
Saudi Arabia's economic reforms and diversification have lessened the impact of global shocks, according to economic analyst Eid Al-Eid.
Economic analyst Eid Al-Eid has stated that Saudi Arabia's economic transformation and diversification have diminished the impact of global shocks, as reported by Al-Ikhbariya Radio. The country's economic reforms and income diversification have become evident, leading to reduced vulnerability to external shocks, according to Al-Eid.
He highlighted that the Kingdom's significant diversification has substantially limited the influence of external shocks, as it no longer primarily depends on oil revenues for economic stability. Although oil remains a crucial source of income, its significance has diminished. Al-Eid also mentioned that in recent years, the Saudi government has taken measures to mitigate such shocks, such as the establishment of the East-West pipeline, which has contributed to stabilizing global oil supplies.
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