Emerging Markets- Highlight
15 April 2019
Saudi Arabia is the largest economy in the Middle East, yet is one of the least understood in the world. Known for its abundant natural resources, the Kingdom’s economy has long been reliant on the oil sector. Triggered by the changing global energy market and demographic transition, the conservative and oil-rich monarchy is working to upgrade its image and embrace a new status as an open country and diversify its economy from oil.
In its new era of economic and social reforms, Saudi Arabia is embarking on a radical transition. Economic diversification, a greater emphasis on foreign and private investment, as well as social reforms under the Vision 2030 agenda have started implementing sweeping changes in the country. There is clear evidence of progress in various areas, however, the picture is more challenging in the long run.
At a 15 April meeting of the WTO Council for Trade in Goods in Geneva, the WTO representative from mainland China criticised a rule under consideration by the U.S. Federal Communications Commission that could especially affect mainland Chinese telecommunications firms Huawei and ZTE.