Saudi Arabia’s Post-Oil Economic Prospects: Economic Diversification, Entrepreneurship and Women’s Empowerment

Abstract

This study aimed to provide a development model in Saudi Arabia that contributes to getting out of the current oil crisis, the current study provides a model that depends on exploiting Saudi Arabia's capabilities through four basic pillars: The trend towards economic diversication, entrepreneurship, and women's economic empowerment are all these changes in light of public sector reform and governance. The proposed study model was theoretically tested through a comprehensive review of the relevant economic and social literature, and then the study applied this model in Saudi Arabia, using a time series that extends since (2001-2020) and constitutes a total of (20) years. Based on econometric methods in collecting and analyzing data and ensuring its validity, and building representative models of the relationship between the study model with its four pillars and economic growth: The study found a number of results indicating a positive impact of economic diversication, entrepreneurship, and public corporate governance on the economic growth of Saudi Arabia, with mixed results on the impact of women's empowerment on economic growth, and based on those results, a set of recommendations were built related to getting out of the oil crisis, encouraging economic diversication and entrepreneurship, and women's economic empowerment.