Theme

Challenges and Opportunities for the Saudi Arabian Economy in the Era of COVID-19 and Post COVID-19

Speaker

Dr. Mezyad Alterkawi

Director of International Cooperation and Scientific Twinning Department, King Saud University

Date: 21 October 2021 (Thursday)

Time: 19:00-20:30 (UTC+8)

Main points

­ Conceptual Definition

­ Present Economic Condition in Saudi Arabia

­ Framework of the COVID-19 Socio-economic Response

­ Main Challenges and Opportunities

Summary

Professor Mezyad first analyzed some changes in Saudi Arabia after the pandemic. In the KSA, individual incomes connected to the energy sector experienced an immense decline. Japan, China and the South Korea remain as Saudi Arabia’s main trade partner in regards to exports, and China, United States and United Arab Emirates for imports. Over the last decade, Saudi Arabia has reduced its national debt a considerable amount, placing itself among the top countries with the lowest national debt, with an estimated 17.2% of the world’s proven oil reserves and the largest economy in the MENA region.

Next, the professor introduced the framework of Saudi Arabia’s socio-economic response to COVID-19 in 2020; including health, protecting people, economic recovery, macroeconomic response, social cohesion and community resilience.

Challenges brought about by COVID-19 included economic costs that surpassed the 2008 financial crisis. The double blow of depressed oil prices and the COVID-19 pandemic placed unique pressure on the Saudi economy. Public health, depressed oil prices, rapid unemployment and businesses scaling down needed to be addressed.

Despite the challenges, COVID-19 has brought Saudi Arabia some unique opportunities. The crisis presents an opportunity for a new way of thinking and modifications to the Saudi economy that can be beneficial in the long run; such as focusing on the development of the health and, financial sectors, strengthening human capital, public financial management and diversifying the energy sector.

(written by program student Mr. ZENG Shengfeng)

*The views and opinions expressed in this lecture series are those of the guest lecturers. They do not purport to reflect the opinions or views of the AUA or its members or its Secretariat.