statBusiness Report: Crisis at a glance, Saudi Arabia - Hawaii News Now - KGMB and KHNL

statBusiness Report: Crisis at a glance, Saudi Arabia

Amid all the instability of the Middle East, one major country has been mostly stable and calm; Saudi Arabia.

Not always a friend of America, but definitely not an enemy, Saudi Arabia has mostly tried to calm things down in everyone's interest. It has done it mostly by throwing money around. That is the problem.

Saudi Arabia is an oil-fueled welfare state. Millions, including 30 percent of women and young adults, do not work at all. Of those who do work, 75 percent work for the government.

Saudi Arabia imports labor for most of its new jobs. People live on the oil revenues and those revenues are less than before.

The whole country is a house built on sand. This is actually fixable. Thousands of Saudi princes are educated abroad and many of them have managerial and other skills. The new king can take steps to create sustainable engines for the Saudi economy.

Now let's see if he does.

That's Crisis at a Glance.

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