R&D potential could be key to spark Saudi economy
The impact of COVID-19 and low oil prices has led to even further expected declines in Saudi Arabia's gross domestic product, but research and development could hold the key to an economic reset.
In most countries, research and development (R&D) plays a significant role in sustained economic growth, as it provides a platform for creativity and innovation through the development of new knowledge and job creation.
Yet, many countries undervalue R&D. While some analysts say this is currently the case for a country like Saudi Arabia, there is still hope for the world’s largest oil exporter to transition from being a “rentier state,” or extraction-based economy, to one that leads by example.
