economic development in Saudi Arabia

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Economic development in Saudi Arabia

Introduction

The about economic development has become contentious among many economists in the global scene . The focuses on economic development in Saudi Arabia . Discussion about the various concepts and theories about economic development has been introduced . An investigative approach has been applied in the analysis of the various factors affecting the economy of the country . All the theories and aspects of economic development identified have been integrated in the essay by providing a link between theory

and practical aspects of the . The major emphasis is about the economy of Saudi Arabia (Bourland , para 5-9

Economic development is the establishment of new structures within an economy . Structural changes are brought about by the establishment of new infrastructures and programmes , for example the condition of health and education in a country , population control policies , and many others . It is the expansion of both macroeconomic and microeconomic aspects of a country and does not focus only on the income of a country Economic development is measured by the advancement of both private and public sectors in an economy (Arndt , pp . 457-466

Economic development is measured by the use of several parameters such as the improvement on the living standards of the people in a country new infrastructures being introduced in an economy , increase in the national income and many other factors . Measuring economic growth by the use of one scale may become inefficient since there are many factors affecting the...