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You're comparing against a pretty gilded group there. Perusing wiki, it looks like Saudi Arabia is a G20 economy with a population of 34 million people, yet on
by chucksmash 5y ago
You're comparing against a pretty gilded group there.
Perusing wiki, it looks like Saudi Arabia is a G20 economy with a population of 34 million people, yet only 3.1 million native Saudis are members of the labor force, the private sector labor force is 90% non-Saudi, and still only 12% of Saudis live below the local poverty line.
If I'm reading that right, 88% being above the threshold for poverty with only 9% workforce participation for native Saudis seems pretty noteworthy.
- Gibbon1 5y agoLast time I read anything about that from a heretic economist it sounded like the oil industry has priced out most other core businesses. Difficulty their population has also grown 5X in 50 years. Which is not good considering they have little else going on economic other than oil.