Tuesday, February 16, 2016

More on Saudi Arabia amidst the oil glut: Young Saudis See Cushy Jobs Vanish Along With Nation’s Oil Wealth

Young Saudis See Cushy Jobs Vanish Along With Nation’s Oil Wealth

But the fat years left the economy poorly structured, economists say: 90 percent of government revenues are from oil; 70 percent of working Saudis are employed by the government; and even the private sector remains heavily dependent on government spending. ...Saudi Arabia still has room to maneuver, he said, thanks to large cash reserves, low public debt and lots of new infrastructure that can aid economic growth. But the generational differences are clear…. Economists say that at least 250,000 young Saudis enter the job market every year, and that making them effective members of the work force is a major challenge.