Question 1: What do you know about Globalization?Consider what you learned from the lecture and readingsthis week and discuss how economic interdependencehas affected Saudi Arabia. Is it good or bad? Expandyour thinking to additionally discuss the relationshipbetween Saudi Vision 2030 and internationalcompetitiveness .Directions:Discuss the concepts, principles, and theories from yourtextbook. Cite your textbooks and cite any other sourcesif appropriate .Your initial post should address all components of thequestion with a 500 word limit.Question 2: Reply to two discussion (between 70 – 150words) for each student.Discussion – Student 1Economic interdependence refers to the mutual reliance between countries for goods,services, and capital. For Saudi Arabia, this phenomenon has both positive andnegative implications, particularly in light of the ambitious goals outlined in SaudiVision 2030. This strategic framework aims to diversify the economy, reducedependence on oil, and enhance international competitiveness.One of the most significant impacts of economic interdependence on Saudi Arabia isits vulnerability to global market fluctuations. The Kingdom’s economy hashistorically relied heavily on oil exports, making it susceptible to price volatility (AlFadhli, 2020). For instance, during periods of low oil prices, the Saudi governmentfaces budget deficits, which can lead to cuts in public spending and investments.However, this interdependence also provides opportunities for growth. By engaging ininternational trade and attracting foreign investments, Saudi Arabia can stimulateeconomic diversification and innovation (World Bank, 2021).Moreover, economic interdependence has facilitated technological transfer andknowledge sharing. Collaborations with foreign companies and institutions haveenabled Saudi Arabia to adopt advanced technologies and improve its industrialcapabilities. This is particularly relevant for the goals of Vision 2030, whichemphasizes the importance of fostering a knowledge-based economy (Saudi Vision2030, 2016). By integrating into global supply chains, Saudi Arabia can enhance itscompetitiveness and create jobs in emerging sectors such as renewable energy,tourism, and information technology.However, the reliance on foreign economies can also pose risks. Political instability inpartner countries or global economic downturns can adversely affect Saudi Arabia’sgrowth trajectory. Additionally, the influx of foreign companies might lead to a braindrain, where local talent is overshadowed by international expertise, potentiallystifling domestic innovation (Alkhateeb, 2019).In conclusion, while economic interdependence presents both challenges andopportunities for Saudi Arabia, its alignment with Vision 2030 can lead to a moreresilient and competitive economy. The Kingdom must navigate the complexities ofglobal interdependence carefully, leveraging its position to foster sustainable growthwhile mitigating potential risks. Ultimately, the success of Vision 2030 will dependon how effectively Saudi Arabia can balance these dynamics in an increasinglyinterconnected world.ReferencesAl-Fadhli, A. (2020). Economic Diversification in Saudi Arabia: The Role of ForeignDirect Investment. Journal of Economic Studies, 47(5), 1093-1105.Alkhateeb, T. (2019). The Impact of Globalization on Saudi Arabia’s Economy.Middle East Journal of Business, 14(1), 15-20.Saudi Vision 2030. (2016). Kingdom of Saudi Arabia. Retrieved from Vision 2030Answer: (between 70 – 150 words)Discussion – Student 2Globalization and Saudi Arabia: Economic Interdependence and Vision 2030Globalization, characterized by the growing interdependence of economies, has had asubstantial influence on Saudi Arabia. One of the main features of globalization is economicinterdependence, which describes how nations depend on one another for capital, goods, andservices. This has an impact on Saudi Arabia’s foreign policy, economy, and internationalrelations.Economic Interdependence and Saudi ArabiaFor Saudi Arabia, economic interdependence has advantages and disadvantages. Positively,it has improved technological capabilities, encouraged foreign investment, and allowedeconomic diversity. Saudi Arabia has long been a part of the global economy as a major oilproducer, and its prosperity is largely dependent on the performance of the world’s oilmarkets. As demonstrated by the oil price collapse of 2014–2016, which brought attention tothe dangers of over-reliance on a single commodity, the nation’s reliance on oil revenues hasleft it susceptible to market volatility (Yergin, 2020).Saudi Arabia has worked to diversify its economy through programs like Saudi Vision 2030 toreduce these risks. This diversification has been made possible by economicinterdependence, which has made it possible for FDI, international trade, and knowledgetransfer. Non-oil industries like tourism, entertainment, and technology have grown as a resultof partnerships with foreign businesses (Todaro & Smith, 2020).But there are drawbacks to economic interconnectedness as well. Globalization and the floodof foreign capital could upend established cultural norms and widen the economic divide.Furthermore, Saudi Arabia is vulnerable to external economic shocks like recessions insignificant trade partners or changes in the world’s demand for oil due to its reliance oninternational markets (Steger, 2020).Saudi Vision 2030 and International CompetitivenessThe objectives of Saudi Vision 2030 are to increase global competitiveness, diversify theeconomy, and lessen reliance on oil. By highlighting international cooperation, drawing inforeign capital, and integrating the Saudi economy into the world market, the vision is in linewith globalization (Todaro & Smith, 2020).Improving infrastructure, encouraging innovation, and investing in human resources are allimportant aspects of Vision 2030’s goal of making Saudi Arabia more competitive. SaudiArabia wants to grow a knowledge-based economy, draw in more foreign direct investment,and generate jobs by opening up to international markets. The strategy calls for growingindustries that are less susceptible to fluctuations in oil prices, such as renewable energy,tourism, and healthcare (Yergin, 2020).By fostering a business-friendly atmosphere, Vision 2030 also aims to establish Saudi Arabiaas a major international investment destination. With the help of special economic zones thatprovide advantages for foreign enterprises to operate in Saudi Arabia, rules, taxes, and laborlaws are being reformed in an effort to draw in foreign investment (Steger, 2020).However, striking a balance between economic reforms and the social and cultural shiftsbrought about by more globalization is essential to Vision 2030’s success. To accomplish itsobjectives, the Kingdom needs to deal with issues including environmental sustainability,social inclusion, and workforce development (Todaro & Smith, 2020).ConclusionTo sum up, Saudi Arabia has been greatly impacted by economic interdependence, whichhas brought up both opportunities and problems. Globalization has made economic growthand diversification easier, but it has also made the Kingdom more vulnerable to threatsassociated with the world market. Saudi Vision 2030 is a calculated reaction that seeks tobalance the dangers and benefits of globalization in order to improve Saudi Arabia’scompetitiveness on the global stage.References1. Todaro, M. P., & Smith, S. C. (2020). Economic Development (12th ed.). PearsonEducation.1. Steger, M. B. (2020). Globalization: A Very Short Introduction (5th ed.). OxfordUniversity Press.1. Yergin, D. (2020). The New Map: Energy, Climate, and the Clash of Nations. PenguinPress.Answer: (between 70 – 150 words)7/5/23, 11:31 AMOperations ManagementNameDiscussion 25Description25 pointsRubric DetailLevels of AchievementCriteriaExceedsExpectationsMeetsExpectationSomeExpectationsUnsatisfactoryQuantity5 to 6 points3 to 4 points1 to 2 points0 to 0 pointsInitial post andtwo other postsof substance.Initial post andone other postof substance.Initial post only.Did notparticipate.5 to 6 points3 to 4 points1 to 2 points0 to 0 pointsDemonstratesexcellentknowledge ofconcepts, skills,and theoriesrelevant to thetopic.Demonstratesknowledge ofconcepts, skills,and theories.Demonstratessatisfactoryknowledge ofconcepts, skills,and theories.Did notparticipate.5 to 6 points3 to 4 points1 to 2 points0 to 0 pointsDiscussionpost(s) exceedexpectations interms of supportprovided andextend thediscussion.Discussionpost(s) meetexpectations interms ofsupportprovided.Statements aresatisfactory interms ofsupportprovided.Did notparticipate.6 to 7 points4 to 5 points1 to 2 points0 to 0 pointsWriting is wellorganized, clear,concise, andfocused; noerrors.Some significantbut not majorerrors oromissions inwritingorganization,focus, andclarity.Numeroussignificanterrors oromissions inwritingorganization,focus, andclarity.Did notparticipate.ContentSupportWritingView AssociatedItems
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