Saudi Arabia

by:Calen Burks

Economy

Saudi Arabia has a mixed economy. Saudi Arabia most important source is oil. The oil is owned by the king. Most industries are controlled by individuals in Saudi Arabia.

Consumers decides what to produce in the country.1 USA dollar cost $3.75 in Saudi Arabia . Saudi Arabia currency is Saudi Riyal. Saudi Arabia is becoming more of a market system. They are realizing that oil will not be needed; this is why Saudi Arabia is becoming more of a market economy. Saudi Arabia freedom score is 62.2 making it's economy the 77 freest in the 2014 index. It's score is 1.6 better than last years, reflecting improvements in the control of government spending, laborfreedom, and business freedom. Saudi Arabia is ranked 8 out of 15 countries in the Middle east.Reflecting the lack of progrees towards greater economic freedom, Saudi Arabia's economy has been rated only ("moderately free") through out the country's 19-year history in the index. The kingdom overall economic freedom remains constrined by insitional corrpution has increased, and the legal system remains susceful to political influnence.