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Domestic energy production is the least of its problems. It's worth reading: - https://www.cfr.org/backgrounder/venezuela-crisis https://www.cfr.org/background
by js2 6y ago
Domestic energy production is the least of its problems. It's worth reading:
- https://www.cfr.org/backgrounder/venezuela-crisis https://www.cfr.org/backgrounder/venezuela-crisis
vs:
- https://web.archive.org/web/20100123225932/http://www.ft.com/cms/s/2/99680a04-92a0-11de-b63b-00144feabdc0.html https://web.archive.org/web/20100123225932/http://www.ft.com...
("The Iraqi who saved Norway from oil")
Saudi Arabia is making an effort of weaning its economy off oil per the submitted article and:
- https://www.cfr.org/expert-brief/saudi-arabias-shaky-experiment-modernization https://www.cfr.org/expert-brief/saudi-arabias-shaky-experim...
But it's still hugely dependent on oil, again per the submitted article and many others such as:
- https://www.brookings.edu/blog/order-from-chaos/2020/05/27/as-a-global-economic-crisis-wreaks-havoc-on-saudi-arabia-the-kingdom-should-reduce-military-spending/ https://www.brookings.edu/blog/order-from-chaos/2020/05/27/a...
Edit: there's four countries with sovereign wealth funds over 1T: China, UAE, Canada, Norway. Saudi Arabia is fifth, with 890B. According to:
https://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds https://en.wikipedia.org/wiki/List_of_countries_by_sovereign...
- ashtonkem 6y agoTheir economy is basically broken, as is common for a rentier economy. I think the most alarming stat is that for the most part, the Saudi economy doesn’t actually involve Saudis; 90% of non-oil jobs in Saudi Arabia are held by non-Saudis, and only 30-40% of Saudis have or want a job. To a massive degree the Saudi economy is run by expats and migrant labor, and the important question is this: “Does Saudi have the ability to retain this labor once the oil money is gone?”