Saudi Arabia plans for its economic future: Vision 2030, the National Transformation Plan and Saudi fiscal reform

In response to a rapid decline in world oil prices, Saudi Arabia’s Crown Prince Mohammed Bin Salman introduced a new economic blueprint called Saudi Vision 2030 and the accompanying National Transformation Plan that would enable the Kingdom to diversify its heavily oil-dependent revenue base, reduce its growing budget deficits, balance its budgets, and promote long-term economic growth. This article analyses the goals of the Vision and the policies offered to achieve them, which entail significant reforms to the Kingdom’s fiscal and budgetary procedures and policies. This study considers the political and institutional challenges that confront the Saudi Vision and its likelihood of success.