REPLY 1: reply to the discussion below:What do you know about Globalization?Globalization and Its Impact on Saudi ArabiaGlobalization is the process of international integration arising from global exchange andcommunication. Technological changes, the liberalization of trade and investment policies, andnew global supply chains trigger it. Saudi Arabia’s economy, long dependent on its oil exports,has been deeply influenced by globalization.Globalization has significantly altered the economic frontiers and reshaped trade dynamics,following suit its after-effects within the Saudi Arabian economy. With the country increasinglyintegrating into the world economy, it is now using its abundant natural oil not just to maximizerevenue but also as an engine for raising broader economic development. Foreign investmentand technology have also increased because non-oil sectors, like tourism and entertainment(critical to the Saudi Vision 2030 initiative), have flourished. This move is part of a broaderstrategy to build an economy that can absorb the shock from falling oil prices.In addition, globalization has nudged Saudi Arabia to maximize its global competitiveness byimproving infrastructure, promoting innovation, and investing in human capital. The struggleremains to reap the rewards of economic interdependence while achieving sustainabledevelopment, which will allow India to compete in a new dynamic and highly competitive globalenvironment and thrive. While Saudi Arabia grapples with these complexities, the results of itsglobalization strategies will have important implications for its economic prospects and globalposture (Altman, & Bastian, 2021).The Effect of Economic Interdependence on Saudi ArabiaAdditionally, Saudi Arabia’s opening up to the global economy came with its own set ofopportunities and challenges. Global trade helped create diversified early international marketsfor Saudi exports, particularly in Asian countries, where we continue to see increased foreigndirect investment (FDI) coming into the country. This has supplemented the economy andfueled job growth, particularly in manufacturing and services.At the same time, globalization has also exposed Saudi Arabia to external shocks including widefluctuations in oil prices and global economic downturns. As an illustration, the COVID-19pandemic had significant implications for the Saudi economy, resulting in a GDP reduction of4.1% in 2020. It has also been rivaled more strongly as an oil producer by other countries,particularly the US and Russia, a factor that has weighed on oil prices and revenues.Saudi Vision 2030 and International CompetitivenessIn response to this new reality, over three years ago, the Saudi government embarked on a boldeconomic reform program known as Saudi Vision 2030. The program aims to diversify theeconomy away from oil by taking steps, including lowering its reliance on crude and increasingits competitiveness in global markets (Saudi Vision 2030 Document 2017).This vision consists of the main points:• Developing tourism and other industrial fields outside of oil, such as mining andrenewable energy.• Accelerating privatization and welcoming private sector investment.• Support in business development and investment project execution.• Increasing education and training resources to build a workforce consisting of welltrained individuals.• Improving the quality of life for Saudi citizens through better government services andinfrastructureThe readjustments are meant to raise Saudi Arabia’s position in the global economy and worldstage amidst policy aims to attract foreign investment and talent. However, achieving thesegoals will require significant changes besides well-established commercial and regulatoryframeworks and overcoming resistance from vested interests (Saudi Arabia Oil & Gas Report, Q12021).In conclusion, Saudi Arabia has traversed multiple forces of globalization, influencing andshaping its economy on both fronts. Economic interdependence helped India gain access to newmarkets and much-needed investment it has also made the country more vulnerable to externalshocks. Saudi Vision 2030 is an ambitious initiative, far more than selling strategic state assets toboost the GDP while having little role in globally competing forces that will judge its success. Itcan overcome deeply entrenched domestic interests and bulk up on radical reform.ReferenceChapter 1 in International EconomicsSaudi Arabia Oil & Gas Report. (Q1 2021). Fitch Solutions Country Industry Reports , 1-84. SaudiVision 2030 Document. (2017). RetrievedfromChapter 1 PowerPoint slides – International EconomicsAltman, S.A. & Bastian, P. (2021). The state of globalization in 2021. Harvard Business ReviewDigital Articles, 19.REPLY 2: reply to the discussion below:What do you know about Globalization?module1_maGlobalization and Economic InterdependenceGlobalization refers to the increasing interdependence among countries, encompassing variousaspects such as economic, political, technological, and cultural exchanges. According to thecontent in your file, globalization involves the greater integration of national economies throughthe movement of goods, services, people, and investments. This integration has been driven byadvances in technology, the development of international financial markets, and theliberalization of trade and investment policies.Impact of Economic Interdependence on Saudi ArabiaEconomic interdependence has significant implications for countries like Saudi Arabia. As amajor oil exporter, Saudi Arabia’s economy is deeply integrated into the global market. Thisintegration means that changes in global economic conditions, such as fluctuations in oil pricesor changes in demand, have direct impacts on the Saudi economy. The content in your filesuggests that while globalization offers opportunities for mutual benefits among tradingnations, it also creates vulnerabilities, especially for countries heavily reliant on a single sector.For Saudi Arabia, economic interdependence has both positive and negative effects. On thepositive side, it allows the country to benefit from global demand for oil, driving economicgrowth and enabling investments in infrastructure and social services. However, the downside isthat the economy is highly sensitive to global economic shifts, which can lead to instability if oilprices drop or if global demand decreases.Saudi Vision 2030 and International CompetitivenessSaudi Vision 2030 is a strategic framework aimed at diversifying the Saudi economy away fromoil dependency and enhancing its global competitiveness. The relationship between SaudiVision 2030 and international competitiveness is crucial. By focusing on sectors such as tourism,entertainment, and technology, Vision 2030 seeks to reduce the economic risks associated withglobal oil dependency and to position Saudi Arabia as a competitive player in various globalmarkets.The drive toward diversification under Vision 2030 is in line with the broader trends ofglobalization, where countries strive to enhance their competitive advantage in the globaleconomy. This strategic shift is intended to make Saudi Arabia more resilient to global economicchanges and to attract international investments, thereby fostering sustainable economicgrowth.References:-Raikhan, S., Moldakhmet, M., Ryskeldy, M., & Alua, M. (2014). The interaction of globalizationand culture in the modern world. Procedia-Social and Behavioral Sciences, 122, 8-12.Jensen, Lene Arnett, Jeffrey Jensen Arnett, and Jessica McKenzie. Globalization and culturalidentity. Springer New York, 2011.
Purchase answer to see fullattachment
- WE OFFER THE BEST CUSTOM PAPER WRITING SERVICES. WE HAVE DONE THIS QUESTION BEFORE, WE CAN ALSO DO IT FOR YOU.
- Assignment status: Already Solved By Our Experts
- (USA, AUS, UK & CA PhD. Writers)
- CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS
QUALITY: 100% ORIGINAL PAPER – NO ChatGPT.NO PLAGIARISM – CUSTOM PAPER
Looking for unparalleled custom paper writing services? Our team of experienced professionals at AcademicWritersBay.com is here to provide you with top-notch assistance that caters to your unique needs.
We understand the importance of producing original, high-quality papers that reflect your personal voice and meet the rigorous standards of academia. That’s why we assure you that our work is completely plagiarism-free—we craft bespoke solutions tailored exclusively for you.
Why Choose AcademicWritersBay.com?
- Our papers are 100% original, custom-written from scratch.
- We’re here to support you around the clock, any day of the year.
- You’ll find our prices competitive and reasonable.
- We handle papers across all subjects, regardless of urgency or difficulty.
- Need a paper urgently? We can deliver within 6 hours!
- Relax with our on-time delivery commitment.
- We offer money-back and privacy guarantees to ensure your satisfaction and confidentiality.
- Benefit from unlimited amendments upon request to get the paper you envisioned.
- We pledge our dedication to meeting your expectations and achieving the grade you deserve.
Our Process: Getting started with us is as simple as can be. Here’s how to do it:
- Click on the “Place Your Order” tab at the top or the “Order Now” button at the bottom. You’ll be directed to our order form.
- Provide the specifics of your paper in the “PAPER DETAILS” section.
- Select your academic level, the deadline, and the required number of pages.
- Click on “CREATE ACCOUNT & SIGN IN” to provide your registration details, then “PROCEED TO CHECKOUT.”
- Follow the simple payment instructions and soon, our writers will be hard at work on your paper.
AcademicWritersBay.com is dedicated to expediting the writing process without compromising on quality. Our roster of writers boasts individuals with advanced degrees—Masters and PhDs—in a myriad of disciplines, ensuring that no matter the complexity or field of your assignment, we have the expertise to tackle it with finesse. Our quick turnover doesn’t mean rushed work; it means efficiency and priority handling, ensuring your deadlines are met with the excellence your academics demand.
