{"id":4248,"date":"2020-11-12T02:54:14","date_gmt":"2020-11-12T02:54:14","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/?p=4248"},"modified":"2020-11-12T02:54:14","modified_gmt":"2020-11-12T02:54:14","slug":"saudi-arabias-economy-shrunk-for-a-fifth-straight-quarter","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2020\/11\/12\/saudi-arabias-economy-shrunk-for-a-fifth-straight-quarter\/","title":{"rendered":"Saudi Arabia’s economy shrunk for a fifth straight quarter"},"content":{"rendered":"\n

https:\/\/www.aljazeera.com\/economy\/2020\/11\/10\/saudi-arabias-economy-shrinks-for-5th-quarter-but-at-slower-pace<\/a><\/p>\n\n\n\n

Saudi Arabia is experiencing yet another decline of their economy coming into the 5th straight quarter. Although this being a big problem, therapid decline of their economy has significantly slowed down. In the third quarter their gross domestic product went down to 4.2%, after being at 7% in the second quarter. though their economy is still being great affected by contention in their oil market and the corona virus, it is making a slow recovery. Ziad Daoud, chief emerging markets economist, said he expects the economy to make a rebound after a big difference between the percentage in quarter three after seeing the sharp contraction in the previous quarter two. The International Monetary Fund expects the Saudi economy to get as low as 5.4%, which is one of the wildest drops among the gulf region. It’s safe to say Saudi Arabia’s economy is taking a huge hit this pandemic.<\/p>\n\n\n\n

For Saudi Arabia, this is bad news. Oil being a big factor in their economy is difficult right now as there is much fighting and turmoil taking place in the industry right now which is heavily impacting the country. This will have a impact on their economy that will be difficult to come back from, as there is the worldwide pandemic, making prices on all products to go up, wages to go down, and jobs lost leaving people unable to provide for families or themselves. Unfortunately, this will affect the country and it’s people greatly <\/p>\n\n\n\n

This can relate back to what we’re talking about in class with power. lately we’ve been talking about power, the different types of power, and why countries or states would want power. One of the types of power we talked about in class was economic power. Lots of countries crave economic power in order to advance technically or trade a larger amount of better or necessary items. Saudi Arabia at the time does not have this power making them possibly vulnerable to larger more economically sound countries that may rival them. This also puts them in a position where they may not be able to trade to other countries for items or needs, they won’t be able to produce the weapons or defense needed for or against other countries, their people will fall into poverty, there military could be effected, their natural materials will be of less value, so many negative things could potentially impact this already suffering country due to the state of their economic strength.<\/p>\n","protected":false},"excerpt":{"rendered":"

https:\/\/www.aljazeera.com\/economy\/2020\/11\/10\/saudi-arabias-economy-shrinks-for-5th-quarter-but-at-slower-pace Saudi Arabia is experiencing yet another decline of their economy coming into the 5th straight quarter. Although this being a big problem, therapid decline of their economy has significantly slowed down. In the third quarter their gross domestic product went down to 4.2%, after being at 7% in the second quarter. though their economy is still being great affected… Read more »<\/a><\/p>\n","protected":false},"author":163,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4248","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/163"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=4248"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4248\/revisions"}],"predecessor-version":[{"id":4260,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/4248\/revisions\/4260"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=4248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=4248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=4248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}