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.
