Article Does the Vision 2030 and Value Added Tax Leads to Sustainable Economic Growth: The Case of Saudi Arabia?
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The introduction of Value Added Tax (VAT) and Vision 2030 in Saudi Arabia has significant implications for sustainable economic growth. The VAT imposition is shown to impact general revenues, purchasing power, and price levels, affecting economic dynamics. Vision 2030 aims to transform the economy by diversifying exports, enhancing financial development, and restructuring trade policies. However, the blue economy, including sea trade and ocean tourism, is identified as an area needing more attention to achieve sustainable goals post-Vision 2030. The alignment of Saudi Arabia's Vision 2030 and National Transformation Program with sustainability principles is crucial for building a resilient and inclusive society. In conclusion, while these initiatives have the potential to drive sustainable economic growth, a focus on blue economy activities and sustainability principles is essential for long-term success.
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| The Value-Added Tax (VAT) implementation in Saudi Arabia, aligned with the Vision 2030, aims to boost general revenues but may reduce purchasing power due to price increases. | |
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10 Citations | The introduction of Value Added Tax (VAT) and Vision 2030 in Saudi Arabia impacts economic growth by affecting labor, capital, oil prices, financial development, and trade openness positively and negatively. |
Related Questions
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What are the social implications of saudi vision 2030?5 answersSaudi Vision 2030 has significant social implications. The vision aims to address high youth unemployment rates, potentially reshaping the relationship between the state and citizens. It also seeks to increase the number of women in the workforce, challenging traditional social norms. Furthermore, the vision impacts the healthcare sector by positively influencing the growth rate of nursing staff, showcasing its positive effects on professions within the country. Additionally, the transition towards industrialization as part of Vision 2030 may lead to environmental consequences due to increased CO2 emissions, highlighting the need for sustainable development practices. Overall, Vision 2030 not only targets economic diversification but also triggers social, cultural, and environmental changes within Saudi society.
What are the key sustainability goals that Saudi Vision 2030 is focusing on?5 answersSaudi Vision 2030 is focusing on several key sustainability goals. These goals include improving Saudi Arabia's ranking on the Global Competitiveness Index to be within the top 10 by 2030. Another goal is to increase the share of non-oil exports in the non-oil GDP from 16% in 2016 to 50% by 2030. Additionally, the vision aims to create a dynamic, diverse, and sustainable economy by generating employment opportunities for young Saudis. The National Transformation Program (NTP) has laid down objectives to transform the education system, including improving recruitment, training, and development of teachers, improving curricula and teaching methods, enhancing values and core skills, and fostering creativity and innovation. Furthermore, the vision seeks to achieve sustainable economic and environmental goals, with a focus on energy, green, and blue indicators.
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How has the Saudi Vision 2030 influenced the skillset of leaders?5 answersThe Saudi Vision 2030 has influenced the skillset of leaders by emphasizing the need for diversification of the economy and the development of sectors such as tourism, recreation, health, education, communication, and infrastructure. It aims to transform Saudi Arabia's economic model by reducing oil-dependency and making the private sector the engine for growth and jobs. The vision also recognizes the importance of human development and the need for skills in the new order. However, there are challenges in realizing the full potential of the citizens due to human rights violations and the denial of equal rights to half of the population. To achieve the goals of the vision, there is a need to increase public awareness on sustainable practices and involve all stakeholders in collaborative efforts. Overall, the Saudi Vision 2030 has brought attention to the importance of skill development, economic diversification, and sustainable practices in shaping the skillset of leaders in Saudi Arabia.
How will the energy transition affect the economic growth of Saudi Arabia?4 answersThe energy transition in Saudi Arabia is expected to have significant effects on the country's economic growth. The implementation of policies such as energy price reforms, the deployment of renewable energy, and the diversification of income sources are all aimed at reducing the country's dependence on oil and stimulating economic growth. Studies have shown that energy price reforms can deliver long-term welfare gains, while the introduction of a value-added tax (VAT) can generate additional welfare gains. The deployment of renewable energy, however, is sensitive to the financing scheme chosen, with no welfare gains realized if financing comes from a reduction in government consumption or transfers to households. Jointly implementing all three policies can increase real gross domestic product (GDP), reduce real non-oil GDP, and significantly increase welfare.