Saudi Vision 2030:A Kingdom’s Blueprint for Economic Diversification-Will the Reforms Succeed?

Since mid-2014, oil prices had slumped at the global level due to surplus supply and lowered demands. Adding to this was the decision of the oil cartel, the Organization of the Petroleum Exporting Countries (OPEC), not to cut production as a way to prop up prices. The lowered global oil prices affected the oil producing countries, leading to their economies collapsing and to significant revenue shortfalls in many energy exporting nations, whereas the consumers in many importing countries enjoyed the benefits of slumped prices...