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Research
May 4, 2021

The Impact of Entrepreneurship on Saudi Arabia’s Economy

Abstract

Saudi Arabia is economically evolving as they diversify their economy away from oil because of scarcity concerns. Understanding the impact that entrepreneurship has on their economy is valuable considering Saudi Arabia released Vision 2030, which is a set of entrepreneurial-driven initiatives that aims to diversify their economy. My research supplements existing research surrounding this topic by examining the recent outcomes of entrepreneurship on the economy. I evaluate entrepreneurship’s impact by measuring the relationship between economic indicators and entrepreneurship. My quantitative and qualitative findings show that entrepreneurship increased since 2008 and is a significant driver of GDP and women employment rates. Data analysis also proved that GDP is largely driven by increases in private and public non-oil sector growth. Consequently, my findings reveal that increased entrepreneurship benefits economic advancement and could be used within policy implementations to improve economic indicators.

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