Resilience of Saudi Arabia’s Economy to Oil Shocks: Effects of Economic Reforms
Hossa Almutairi,
Marzio Galeotti,
Baltasar Manzano
et al.
Abstract:We assess the extent to which the implementation of Vision 2030 policies enhances the Saudi economy’s resilience to oil shocks. Using a dynamic stochastic general equilibrium model that captures the country’s economic diversification policies, we build a resilience index based on impulse responses to shocks. The policies considered have two opposite effects: reforming domestic energy prices, deploying renewables and introducing a value-added tax increase the volatility of macroeconomic aggregates, whereas econ… Show more
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