Description
Title: Saudi Arabia’s Relationship Between Oil and Non-Oil GDP
Abstract: One of the world’s top oil producers is Saudi Arabia. Saudi Vision 2030 is the Saudi government’s vision for the following ten years (also known as 2030 Vision). Saudi Vision 2030 seeks to diversify the economy’s sources of income and break free from reliance on oil revenues. The main goal of Saudi Vision 2030 is to boost the economy’s non-oil GDP share. I attempted to look into the relationship between Saudi Arabia’s non-oil GDP and its oil GDP in this study. I used ARDL cointegration, the most popular method for looking at relationships between variables. My ARDL findings support the long-term cointegration between non-oil GDP and oil rent, indicating that Saudi Arabia still employs rent-seeking tactics. The impact of oil rent over the non-oil GDP was confirmed by the short-term dynamics. Asymmetric effect analyses were prompted by the ARDL results. The symmetric impact of the oil rent on non-oil GDP was estimated by the NARDL model and confirmed. These findings highlight the difficulties in increasing Saudi Arabia’s income diversity.
Keywords: ARDL cointegration; NARDL; non-oil GDP; Saudi Arabia
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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