Looking Beyond the Trade Surplus: The Metrics That Better Reflect Saudi Arabia's Economic Progress
Most assessments of Saudi Arabia's economy begin in the wrong place. They reach for oil revenues, fiscal balances, or the rising share of output classified as non-oil — each a legitimate data point, none of them the right test of whether an economy is genuinely transforming.
To understand why, it helps to start with a structural lesson from a very different economy in China. |