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Other Determinants of Economic Growth in Saudi Arabia
Abstract
The resource-rich economy of Saudi Arabia has done well in terms of improving economic growth over the last several decades. Several factors could explain the phenomenal growth experience of Saudi Arabia. However, the research evidence regarding the true determinants of economic growth is scarce on Saudi Arabia. Amid this backdrop, this chapter tries to highlight the role of natural resources, education, trade openness, investment and inflation rate in the economic growth of Saudi Arabia. Data for the chosen variables are gathered from credible sources for the period 1990-2023. For analysis, the Autoregressive Distributed Lag (ARDL) modeling approach is utilized. Our results indicated that natural resources, education and trade openness have contributed positively in enhancing the pace of economic growth of Saudi Arabia. Moreover, domestic investment has negatively but insignificantly impacted the economic performance. Furthermore, the inflation rate has negatively impacted economic performance but insignificantly.
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