Impact of fluctuations in global oil prices on Saudi Arabia's gross domestic product: A machine learning analysis

IF 1.7 4区综合性期刊 Q2 MULTIDISCIPLINARY SCIENCES Journal of Radiation Research and Applied Sciences Pub Date : 2025-03-18 DOI:10.1016/j.jrras.2025.101436

Abdallah Sayed Mossalem Ahmed Elshafei , Mansour Shrahili , Mohamed Kayid , Shahid Mohammad

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引用次数: 0

Abstract

Saudi Arabia's economy is highly dependent on oil exports. This paper examines the relationship between fluctuations in global the oil prices and Saudi Arabia's Gross Domestic Product (GDP) from 1970 to 2022, utilizing machine learning techniques for analysis. The results reveal a strong positive correlation between the oil prices and GDP growth, particularly during periods of high the oil prices, which increase government revenues and stimulate investment. However, this relationship is complex and influenced by various factors, including global oil price changes, geopolitical events, and national economic policies. The study emphasizes the urgent need for Saudi Arabia to diversify its economy to reduce its dependence on oil. By doing so, the kingdom can better manage the risks associated with oil price volatility and enhance its long-term economic resilience, preparing for a more balanced and sustainable future.

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来源期刊

Journal of Radiation Research and Applied Sciences MULTIDISCIPLINARY SCIENCES-

自引率

5.90%

发文量

130

审稿时长

16 weeks

期刊介绍： Journal of Radiation Research and Applied Sciences provides a high quality medium for the publication of substantial, original and scientific and technological papers on the development and applications of nuclear, radiation and isotopes in biology, medicine, drugs, biochemistry, microbiology, agriculture, entomology, food technology, chemistry, physics, solid states, engineering, environmental and applied sciences.