Since the early 1980's, Saudi Arabia has made significant effort to attempt to have more privately owned businesses. This shows that Saudi Arabia's economy has attempted to move toward which economic system?

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Golden Graham

26 July, 13:19

Since the early 1980's, Saudi Arabia has made significant effort to attempt to have more privately owned businesses. This shows that Saudi Arabia's economy has attempted to move toward which economic system?

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Celia Mckay · Answer 1

The correct answer is - market economy.

This is an example of an economy that has been gradually transitioning towards market economy. The market economy basically means that the companies are owned by private owners, and not by the government, and that they work on their own, and have an open trade with the other economies around the world. This process hasn't been finalized yet in Saudi Arabia, but little by little is getting there.