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The Role of Petrochemical Sector Exports in the Diversification of the Saudi Economy: A Scenario Analysis of Foreign and Domestic Price Shocks

Author

Listed:
  • Fakhri Hasanov
  • Muhammad Javid
  • Heyran Aliyeva

    (King Abdullah Petroleum Studies and Research Center)

Abstract

Diversification of the economy, including exports, is a core goal of Saudi Vision 2030 (SV2030). The petrochemical sector can considerably contribute to the Kingdom’s diversification strategy, as it holds a substantial share in non-oil exports. First, this study econometrically estimated how exports of chemicals and rubber-plastics were shaped by theoretically articulated domestic and foreign factors over the 1993-2020 period. Then, the estimated export equations were integrated into a general equilibrium model, called the King Abdullah Petroleum Studies and Research Center (KAPSARC) Global Energy Macroeconometric Model (KGEMM), and a scenario analysis was conducted for the diversification implications of foreign and domestic price shocks until 2035.

Suggested Citation

  • Fakhri Hasanov & Muhammad Javid & Heyran Aliyeva, 2023. "The Role of Petrochemical Sector Exports in the Diversification of the Saudi Economy: A Scenario Analysis of Foreign and Domestic Price Shocks," Discussion Papers ks--2023-dp21, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:dpaper:ks--2023-dp21
    DOI: 10.30573/KS--2023-DP21
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    File URL: https://www.kapsarc.org/research/publications/the-role-of-petrochemical-sector-exports-in-the-diversification-of-the-saudi-economy-a-scenario-analysis-of-foreign-and-domestic-price-shocks/
    File Function: First version, 2023
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    Keywords

    Agent based modeling; Analytics; Applied Research; Autometrics;
    All these keywords.

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