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Saudi Arabia has 20% of the known oil reserves in the world. With its oil they have a national GDP of $546 billion and a per capita GDP of $19,800. With this revenue stream the country has become the largest rentier economy in the nation. As the oil wealth grew so too did the civil service. It grew from 37,000 in 1962 to 232,000 in 1981. Further, as Saudi Arabia's civil service grew so too did its reliance on foreign labor which currently stand at 5.5 million or about one-third of its working age population.
Currently about 40% of Saudi Arabia's population is under the age of 15. This has led the government to accelerate investment in education and infrastructure in an effort to ensue jobs for the
growing population and alleviate a
chronically high unemployment rate. The state has announced plans to build six 'economic cities' in order to diversify its economy. |
