Problems of economic development of Saudi Arabia.
Problems of economic development of Saudi Arabia.
Before the government of Saudi Arabia, according to experts
Newspapers "Frankfurter Allgemeine Zeitung" ("FAZ"), analyzing
Economic development of this country, there are two primary goals,
Which it should solve not to admit occurrence in
The future of serious crises:
One of them, short-term, - to break the dangerous tendency to
To increase of deficiency of the state budget and state
Debt, and the second, long-term, - to create millions new workers
Places to prevent growth of mass unemployment and social
Intensity.
Current year deficiency of the state budget making
In 2001 4 % of gross national product, will reach 7,3 %. The Public debt, on
To the forecast "Saudi American Bank", will increase with 99 to 109 % of gross national product.
The special alarm is called thus by that in 2002 30 % of incomes from
Oil export will leave only on payment of percent on
To public debt (last year this indicator made
17 %).
Saudi Arabia, the German experts consider, has reached
Limit in debts escalating. The main natural riches
The countries - oil any more in a status to provide growing army
The young unemployed job at the state enterprises. In
Current of last 7 years only 580 thousand from 820 thousand young
saudovtsev, searching for job, could find it. A rate of unemployment
Has reached 15 % and, under forecasts, will grow and further.
Owing to "population explosion" a population
The countries now increases approximately by 4 % a year, 3/4
The population are made by young men till 30 years. From 23 million inhabitants
About 6 million - the foreigners who do not have citizenship Saudi
Arabia. However their businessmen prefer
To use as a labour, as at this category of people,
As a rule, higher qualification, but it is possible for them considerably
It is less to pay. Therefore though foreigners - about 1/4 population,
They make 1/2 working.
As the state not in a status to solve a problem
Employment, its decision lays down on an economy private sector, a share
Which gross national product in creation has grown with 1/3 in 1970 to more 1/2 in
Present time. By calculations "Riad Bank", the next 20 years
For infrastructure creation should be spent nearby 250
Bln. dollars To financing of these projects the government namereno
To involve private investors, including foreign. In these
The purposes in 2000 the law on the foreign has been passed
The capital investments, equalising in the rights local and foreign
Investors. The law, in particular, allows to have the last in
The full property constructed by them in the country objects, and also
Without restriction to repatriate profit. The rate of the tax from profit
Decreases with 45 to 30 %, and taxes are raised only after that,
As the investment project starts to give profit. Since June, 2000
Till May, 2002 the Saudi investment agency "Sagia" has given out
Permissions to investments into 977 projects in the total cost 46,67
Billion rials, or 11,38 bln. dollars
For the purpose of encouragement of foreign investors import duties were
Are lowered with 12 to 5 %. The new law on the market of the capital is discussed,
Which should give to investors of more possibilities.
The introduction of the country into the WTO is planned. On a way of reforms Saudi
Arabia has entered 1998 when the prices for oil have fallen more low 10
Dollars for barr. The subsequent increase of these prices has not forced
The management to descend from the planned way, now
Rates of realisation of reforms are discussed only.
In the early eighties, in oil boom, national
The income per capita in Saudi Arabia, as well as in the USA,
Made 18 thousand dollars However since then this indicator in
The United States has grown twice, and in Saudi Arabia has fallen
To 7,5 thousand dollars the Petrodollars arriving in the state
Treasury, were used for expansion and upgrade
Infrastructures - buildings of modern hospitals and the schools new
The airports and roads, creations of the newest telecommunication network and
Electrification of rural areas.
In 90th years rates of a gain of a national economy corresponded
To rates of growth of its population. However in the near future, by estimations
Experts, demographic pressure upon economy will amplify, that
6 million new workplaces will demand creation, at least.
Neither the state, nor the oil and petrochemical industry,
Creating 40 % of gross national product, but providing with job only 1,5 %
Economically active population, with this problem to consult not
Can. Thereupon the big hopes are assigned only to the gas
The industry which the government plans to open for
Foreign investors. It is provided, that 8
The transnational companies united in three consortia,
Will enclose in extraction of natural gas 25 bln. dollars that will create 32
Thousand new workplaces. In gas processing it is planned
To invest 75 more mln. dollars
It will serve as the beginning for the further investment foreign
The capital in petro-and the gas-processing industry and others
Capital-intensive branches that will lead to creation of new workplaces
For rising generation. Another by the problem decision
To youth employment there can be a replacement of a foreign labour
The local. Last years the relation of the Saudi youth varies
To not prestigious trades where are occupied "gastarbajtery", for example,
To sellers in the vegetable market, to the security guards, serving hotels and t.
The item New workplaces for youth will create the growing
Economy private sector, including service sphere.
The basic indicators of economic development of Saudi Arabia.
The population, 2001 (million persons) 22
Economically active population, 2001 (million 15
The person)
Industrial structure (a share in gross national product, % to
2000
Agriculture 5,4
The industry 50,9
Sphere of services 35,8
1999 2000 2001
GROSS NATIONAL PRODUCT
Bln. dollars 142,9 173,3 167
Real growth (% to previous year)-0,8 4,5 1,6
The income per capita (nominal, 7179 8515 7921
Dollars)
Balance of the balance of payments on current 0,413 14,335-2,492
To operations (bln. dollars)
Export (fob, bln. dollars) 50,761 77,583 58,188
Import (sif, bln. dollars) 28,011 30,227 306378
Deficiency of the state budget (% to gross national product) 8,2 4,3 4
Unemployment (% to economically active 15 - 20......
To the population)
Inflation (% to previous year)-1,6-0,8-0,8
The exchange rate (for May, 31st, 2002) 10 saud.
Rials = 2,667 dollars
Source: Institute "FAZ".
The author: ST.
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//* an information Source: BIKI, 15.08.02
//* Reg. Nom. - 1120800257.05-------------------------------------------
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