SA's economy is -AFAIK- mostly / completely dependent on natural ressources.
Given that SPOF, one can't help but think of the IRA's threat to Margaret Thatcher : "[...] we only have to be lucky once – you will have to be lucky always."
Given that SPOF, one can't help but think of the IRA's threat to Margaret Thatcher : "[...] we only have to be lucky once – you will have to be lucky always."
"The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings."
https://www.cia.gov/library/publications/the-world-factbook/...
Anecdotally, I met far more Saudis when I lived in Seattle than I did when I lived in Houston. I wonder if that was part of the diversification effort.
It went from being an oil town to an energy town a few decades ago.
It has massive investments in the medical sector, with 60 institutions generating $25 billion annually.† That's bigger than the GDP of Iceland coming out of just one neighborhood.
NASA Mission Control is still there, and it's the headquarters of NASA's manned spaceflight programs. Though I know there was disappointment that a lot of the Mars stuff went to Alabama.
Shipping has been huge there since the early 1900's. It's the #1 port in America for foreign cargo, #2 in overall cargo, and #16 in the world.†† The Port of Houston also added a cruise ship terminal that seems busy.
I know insurance was becoming a large sector there at one time, but I haven't looked into it lately.
One thing it never really got a handle on was tourism. I think that's because it has a lot more locally-born residents than many large American cities, so it's very inward-looking. But even that is growing. The museums alone logged something like seven million visitors last year.
Overall, it seems to be doing well. To put it in perspective, New York is the only city in America with more Fortune 500 headquarters. The only thing Houston has to worry about is hurricanes.