Encouraging small business growth is important for growth, but is that something that governments should be involved in? Are small businesses as competitive on an international scale compared to large companies?
Hey there, I received another question from my tutor regarding our last discussion. Here’s the question:
Q1- Encouraging small business growth is important for growth, but is that something that governments should be involved in? Are small businesses as competitive on an international scale compared to large companies?
Please read the attached you wrote for me earlier and answer this question.
Word limit: 50 to 70. please do not exceed the limit.
Important:
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Requirements: Word limit: 50 to 70.
How Economic Interdependence Has Affected Saudi Arabia
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How Economic Interdependence has affected Saudi Arabia
Economic interdependence means the relationship between two economies that primarily depend on each other for supplies or other necessary materials. Interdependence mainly lies in the ability of an economy to specialize in a particular product. Specialization in production means high efficiency and high-quality parts, i.e., in car production, leather, and rubber may be sourced from a different country. In contrast, well-built machines, spare parts, and automobiles may be exported to the countries supplying the raw materials (Carbaugh, 2019). Economic interdependence is stimulated by industrialization, economic advancement, regional production, and labor specialization.
This research will examine the relationship between different economies producing specific services or goods. As one of the world’s largest producers of oil, Saudi Arabia has been successful in economic performance due to its relationship with other countries globally through purchasing and supply or economic interdependence amongst them. The simplest way to understand economic interdependence is through understanding the concept of international trade (Yu, 2020). Economic interdependence has placed Saudi Arabia internationally as the 20th Largest importer and the 19th largest exporter. As of 2021, Saudi Arabia’s total export rate was 34% of GDP, while its imports were 24.35% (Carbaugh, 2019). The trade balance was at $133 billion, indicating a trade surplus. Saudi Arabia has been able to gain business internationally, which has enabled economic stability.
Economic interdependence is helpful because both or all the economies in this kind of relationship are exposed to uniform growth regardless of their initial financial position.
The relationship between Saudi Vision 2030 and international competitiveness.
Saudi Arabia’s Vision 2030 has three main goals: a vibrant society, economic success, and ambitions. Vibrance in the community would be achieved through a focus on the Islamic faith. This campaign would be conducted through a series of commitments to increase the number of Umrah visitors. This campaign is estimated to bring about 30 million tourists by establishing one of the most prominent Islamic museums (Altman & Bastian, 2021). That alone expresses a strategic position for Saudi Arabia in the tourism and relationships sector globally. Tourism, culture, and entertainment opportunities enhance competitiveness, especially with the rising tourism sector in the United Arab Emirates countries.
Saudi Arabia has opened up its economy to more private investors from outside and within the country to achieve a thriving economy. It has also provided dynamic job opportunities for its citizens and the diverse population through economic diversification. Saudi Arabia exploited gaps in the education sector, entrepreneurship, innovation, tourism, sports in the deserts, and privatization of state-owned assets (Saudi Arabia Oil & Gas Report, 2017). To achieve international and regional competitiveness, Saudi Arabia has also established a wealth fund known as the Sovereign Wealth Fund, which would fund underdeveloped sectors such as industrialization, sustainable energy, and tourism. Saudi Arabia must implement such provisions to compete at a global level economically against economies like China and the USA. Saudi Arabia must also focus on accountability, transparency, and effective governance to establish long-term success. Corruption, incompetencies, and unaccountability are not to be tolerated.
Reference
Altman, S. A., & Bastian, P. (2021). EBSCOhost login. EBSCOhost Login.
Carbaugh, R. J. (2019). International Economics (17th ed.). Cengage Learning Inc.
Saudi Arabia Oil & Gas Report. (2017). Saudi Vision 2030 Document. Homepage: The Progress & Achievements of Saudi Arabia – Vision 2030.
Yu, Z. (2020). PressReader.com. PressReader.com – Digital Newspaper & Magazine Subscriptions.
Response
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In order to become competitive globally, KSA should invest in areas such as education and innovation. It should also implement reforms related to diversifying the economy, developing infrastructure, fostering digital transformations, and embracing sustainability. In particular, researchers, including Hasanov et al. (2023), confirm that diversifying the economy from reliance on oil is vital for this goal. Other countries such as China and Singapore work on improving and subdividing into smaller units of quality in these areas, making them more competitive globally. They also engage in other activities, such as supporting small enterprises.
Reference
Hasanov, F. J., & Razek, N. (2023). Oil and non-oil determinants of Saudi Arabia’s international competitiveness: Historical analysis and policy simulations. Sustainability, 15(11), 9011. .
Hey there, I received another question from my tutor regarding our last discussion. Here’s the question:
Q1- Encouraging small business growth is important for growth, but is that something that governments should be involved in? Are small businesses as competitive on an international scale compared to large companies?
please read the attached you wrote for me earlier, and answer this question.
Hey there, I received another question from my tutor regarding our last discussion. Here’s the question:
Q1- Encouraging small business growth is important for growth, but is that something that governments should be involved in? Are small businesses as competitive on an international scale compared to large companies?
Please read the attached you wrote for me earlier and answer this question.
Word limit: 50 to 70.
Important:
Please note that it is important to include sufficient references in the work and ensure zero plagiarism.
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