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An Introduction to Saudi Arabia

John R. Presley and A. J. Westaway
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John R. Presley: University of Loughborough
A. J. Westaway: University of Loughborough

Chapter 1 in A Guide to the Saudi Arabian Economy, 1989, pp 1-8 from Palgrave Macmillan

Abstract: Abstract Saudi Arabia is a fascinating country to study. It has so many relatively unique features, vast land area, small population, geographical and geological variety, extreme climatic conditions, strong Islamic traditions and, of course, oil. The concern of this book is primarily with the uses to which oil, and the revenues which it has generated, have been put, both in and out of the Kingdom. As for the economy, Saudi Arabia has so many differences from the typical developing economy that it deserves special attention. In the 1970s oil revenues gave it a financial surplus and an ability to create, in a short space of time, a large capital stock of buildings, roads, machinery, plant and equipment. Far from solving development problems this placed unusual pressures upon other factor endowments; in particular it created a manpower problem as well as straining the physical ability of the country to absorb increased spending. In the past decade this has led to inflation. The downturn in oil revenues in recent years has created yet further problems to solve in the development process.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08827-0_1

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DOI: 10.1007/978-1-349-08827-0_1

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