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KSA Tops List of Labour Force Growth Rate and Overtakes G20 Countries

In a recent benchmarking report published by the National Labor Observatory, Saudi Arabia was reported as first place in the labour force growth rate between 2012 and 2021. This analysis depicts that the Saudi Arabian economy bounced back from the aftermath of the pandemic at a much speedier rate than many of the chief economies around the world.

This analysis was based on several factors and indicators that were studied by the ILO, and these were the labour force participation, employment and unemployment rates, the rate of those outside the scope of education, work and training, and the annual growth of the labour force.

Saudi Arabia’s economic performance recorded as the second best amid G20 countries with a whopping 5.7% of growth on a quarterly basis. It came second to India, who recorded a 12.7% percent growth. Other countries recorded 4.1% for Argentina, 3% for France, and Turkey 2.7% for Turkey.

As for unemployment rates, the Kingdom of Saudi Arabia has noted a decrease in the unemployment rate to a 9.7% in the second quarter of 2022. Overall, this unemployment rate is the lowest since 2001.

Ever since Vision 2030 has been launched, Saudi Arabia has been working relentlessly to upsurge the efficiency and productivity of the local labor market, decrease dependability on expat and foreign workers, and create localization for roles inside the kingdom. All of these latter efforts come as a segment of its policy to eradicate unemployment and diversify its oil-rich economy.

Saudi Arabia is on a plan to invest in its citizens to be able to enhance the number of graduates that find employment within the country. The government has been launching several proposals across various fields that will bridge the gap between the educational and academic system and the labor market needs.

Stemming from the root, these plans will aim to enhance the curriculum to meet the exact needs on ground with a hands-on, practical approach.

The National Labor Observatory’s goal is to be able to provide countries around the world with hard data and empirical information all sourced through reports, studies, analysis to support decision making and program development.

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