How will Increasing the Competitiveness of Energy Sector Stimulate the Economic Growth of Saudi Arabia: 2030 Vision

Abstract

The study has identified main factors associated with the increase in competitiveness of energy sector to benefit the country's economy. Quantitative research design was opted to investigate the association between oil prices, carbon emissions, electricity consumption, natural gas production, wind and solar energy, and energy supply of Saudi Arabia. GDP was the variable used to represent economic. The results have shown positive and significant impact of competitiveness of oil production (p = 0.044) and consumption (p = 0.000) on GDP. The competitiveness of gas production is significant and positive on economic growth of the country (p = 0.000). There is 5.8% increase in economic growth of Saudi Arabia. There is a significant impact of new work strategies and creating employment on the economic development of the state, along with the deducing the harmful factors of the growth and progress.