°°Saudi Arabia°°
• GNI per capita: $49,626
• 2017 GDP: $1.6 trillion (16th out of 196 countries)
• Population: 32.9 million
• Life expectancy at birth: 74.7 years
Saudi Arabia ranks among the richest countries in the world for one reason -- oil. In the resource-rich kingdom, petroleum accounted for more than three-quarters of exports in 2017. No country exports more crude petroleum than Saudi Arabia.
While petroleum is lucrative, without a diversified economy, Saudi Arabia is vulnerable to fluctuations in oil prices. It is one of just two countries to rank among the richest in the world that also saw a decline in its GDP over the past year. The other, Kuwait, also relies heavily on petroleum. Saudi Arabia's economy contracted by nearly 0.9% in 2017.
Yeah when there's oil there's money, I think world market controls everything because of oil. Holding so much buffer stock while price is pumping up, affects too much every countries ecomy. Thanks for sharing my friend.