ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Saudi Arabia’s free market economy has undergone remarkable changes in a relatively short period of time. It has evolved from a basic agricultural society into a regional and global economic power with a modern infrastructure.

Detailed explanation-2: -Saudi Arabia has an oil-based economy with strong government controls over major economic activities. Even though Saudi Arabia is considered to have a mixed economy, the Saudi king and his advisors still make quite a lot of the country’s economic decisions, especially those related to oil.

Detailed explanation-3: -Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world’s proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC.

Detailed explanation-4: -Saudi Arabia also has a mixed economy. The government largely controls the economy. Saudi Arabia’s main export is oil. The oil industry has made the Saudi royal family quite wealthy.

Detailed explanation-5: -Real GDP in Saudi Arabia, the biggest oil producer in the Organization of the Petroleum Exporting Countries and the world’s largest oil exporter, was driven mostly by the Kingdom’s oil activities that increased by 20.4 percent from a year ago.