Its rich oil reserves and economic expansion activities are just some of the qualities which make this nation an economic force to be reckoned with. This paper shall be a comparative analysis paper covering…
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Saudi Arabia’s economy is largely oil-based as it “possesses more than 20% of the world’s proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in the OPEC (CIA Factbook “Countries”). Because of its large oil reserves, petroleum represents about 80% of its budget revenues and 90% of its export earnings; and its oil industry allows it to absorb about 6 million foreign workers and to pay off its domestic debts (CIA Factbook “Countries”). Amidst this booming economy, unemployment rate in the country is still high, largely due to an ever increasing population which is mostly composed of youths who do not have the education and the technical skills to be employed in the private sector. In 2005, through a new agreement with the World Trade Organization (WTO), it has managed to expand and diversify its economy. High oil prices in the last several years have given Saudi adequate resources to allow it to maneuver through the present global economic crisis; however “tight international credit, falling oil prices, and the global economic slowdown will reduce Saudi economic growth in 2009” (CIA Factbook “Countries”).
The United States economy is supported by its rich mineral resources and fertile farm soil alongside a moderate climate (Country Studies “United States Economy”). Its extensive wide coastlines have managed to give the US expansive shipping access and to bind the country into one single and strong economic unit. The US also has a rich source of labor which has allowed it to continually fuel its economic expansion (Country Studies “United States Economy”). These employable individuals have also managed to keep up the quality of work through their education, technical, and vocational training; and these factors have also contributed to the country’s economic success. The managerial structure in the US is based on a top-down chain of command which helps ensure
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(“Saudi Arabia Admission/Application Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
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(Saudi Arabia Admission/Application Essay Example | Topics and Well Written Essays - 1750 Words)
“Saudi Arabia Admission/Application Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/miscellaneous/1560004-saudi-arabia.
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