Saudi Vision 2030 (SV2030), the strategic roadmap for the future of the Kingdom of Saudi Arabia, aims to decouple the country’s economy from its reliance on oil revenues through implementing several economic and social initiatives. The key economic goals of SV2030 announced in 2016 include increasing the private sector’s contribution to gross domestic product (GDP) from 40% to 65%, raising the share of non-oil exports in non-oil GDP from 16% to 50%, and reducing the unemployment rate from 11.6% to 7% by 2030. It also aims to maximize local content by localizing more than US$70 billion of content, make economic agents more efficient and increase government revenues by removing domestic energy subsidies and introducing other non-oil revenue items, enabling further government investment. Developing the Kingdom’s non-oil sector would help it to meet these targets. Fiscal policy could also play a major role, given that Saudi monetary policy originated from the fixed exchange rate regime (pegging the Saudi riyal [SAR] to the US$).
Research Fellow Fakhri is a research fellow leading the KAPSARC Global Energy Macroeconometric Model (KGEMM) project. Previously, he was an associate professor… Fakhri is a research fellow leading the KAPSARC Global Energy Macroeconometric Model (KGEMM) project. Previously, he was an associate professor and director of the Center for Socio-Economic Research at Qafqaz University, Azerbaijan. He has served as a deputy director of the Research Institute at the Ministry of Economic Development, and a senior economist at the Research Department of the Central Bank of Azerbaijan Republic. He received a Fulbright Post-Doctoral Scholarship and conducted a research on building and applying a macroeconometric model for policy analysis at the George Washington University. Fakhri is a member of the research program on forecasting at the George Washington University and the editorial board of the Asian Journal of Business and Management Sciences. His research interests and experience span econometric modeling and forecasting, building and applying macroeconometric models for policy purposes, energy economics with a particular focus on natural resource-rich countries.
- Applied macroeconometrics
- Energy economics
- Time series modeling and forecasting
Publications See all Fakhri Hasanov’s publications
Oil Market Shocks and Financial Instability in Asian Countries
Saudi Vision 2030 (SV2030), the strategic roadmap for the future of the Kingdom of Saudi…24th January 2023
A Macroeconometric Model for Saudi Arabia: A Case Study on the World’s Largest Oil Exporter
Saudi Vision 2030 (SV2030), the strategic roadmap for the future of the Kingdom of Saudi…1st January 2023