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Saudi Arabia has captured the world's attention with the announcement of an ambitious agenda, called Vision 2030, aimed at overhauling the structure of its economy.With oil sales generating the bulk of government revenues, and with the public sector being the predominant employer, Saudi officials have long worried that the kingdom's lack of economic diversity could place at risk its long-term financial security.In addition, certain members of OPEC, again led by Saudi Arabia, are now less willing to try to moderate fluctuations in the price of oil, as they correctly recognize that "swing producers" risk durable losses in market share.The attention attracted by Vision 2030 is not surprising. The plan, after all, is about a lot more than fundamental economic reforms. If Saudi Arabia succeeds in transforming its economy, including reforming institutions and restructuring economic incentives, other countries that face similar challenges will be inspired to follow suit.
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