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Saudi Arabia believes its economy can decouple so much from oil that crude prices soon won’t be a decisive factor in shaping fiscal policy.
“Our aim is within the period to 2030 we don’t even look at the oil price,” Saudi Finance Minister Mohammed Al-Jadaan said Wednesday at the Financial Sector Conference in Riyadh.
For now, the country is far from achieving that goal as oil still provides the bulk of government revenue and largely dictates the performance of the economy.
But since the kingdom unveiled its blueprint for diversifying the economy, called “Vision 2030,” non-oil revenue went from covering about 10% of budget spending to more than a third, according to Al-Jadaan. That “means our dependence on oil revenues becomes much less and with time it will be a lot less,” he said.
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