Give me key points for a PowerPoint presentation slide for the following essay: •	The effect of international trade on economic growth and economic development in this country – POINT 7

	International trade has played a significant role in the economic growth and development of Saudi Arabia. As one of the world’s leading oil producers, the nation has benefited immensely from exporting crude oil and petroleum products that contribute substantially to its GDP. Here are some of the effects of international trade on the economic growth and development of Saudi Arabia:

1. Increase in GDP and National Income: International trade has led to a significant increase in Saudi Arabia’s GDP and national income. Exports, primarily crude oil and petroleum products, contribute to over 70% of the nation’s total exports revenues. The country has redirected its trade surplus towards investing in infrastructure projects, healthcare, and education, significantly improving the country’s overall economic development.

2. Greater Employment Opportunities: The growth of international trade activities has attracted more foreign investments to Saudi Arabia. The increase in trade, coupled with external investments, has led to the creation of more job opportunities within the country. This, in turn, has helped to reduce unemployment and contributed to overall economic growth.

3. Diversification of the Economy: Saudi Arabia’s government is keen to diversify the economy and reduce its dependence on oil revenues. International trade has encouraged the development of other sectors such as petrochemicals, mining, banking, tourism, and agriculture. This diversification has enhanced economic growth and improved the country’s resilience to potential oil price shocks.

4. Access to Imported Goods and Services: International trade has given Saudi Arabia access to a wide variety of imported goods and services, including machinery, equipment, vehicles, and consumer products. This access has played a vital role in enhancing the country’s economic development and improving the living standards of citizens.

5. Technology Transfer: As a result of international trade, Saudi Arabia has gained access to advanced technologies and innovations from developed countries. This technology transfer has played a crucial role in modernizing various industries and improving productivity levels, ultimately contributing to the country’s economic growth and development.

6. Foreign Exchange Reserves: International trade has contributed to a surplus in Saudi Arabia’s foreign exchange reserves. These reserves help stabilize the country’s currency and can be used to support economic policies and boost national development.

However, this reliance on international trade has also exposed Saudi Arabia to some vulnerabilities:

1. Fluctuating Oil Prices: With heavy reliance on oil exports, Saudi Arabia’s economy is susceptible to fluctuations in global oil prices. This vulnerability can lead to budget deficits, decreased government spending, and negative impacts on economic growth and development.

2. Global Economic Shocks: The country’s dependence on international trade exposes it to global economic shocks, such as the recent COVID-19 pandemic, which disrupted global supply chains and reduced global demand for oil.

In conclusion, international trade has significantly contributed to Saudi Arabia’s economic growth and development by providing access to resources, technology, and diversified markets. Nonetheless, the country’s reliance on oil exports makes it vulnerable to fluctuations in commodity prices and global economic shocks. To mitigate these risks, Saudi Arabia is working on diversifying its economy and promoting non-oil sectors to reduce its overdependence on oil revenues.