RIYADH: In line with Vision 2030’s objectives, Saudi Arabia has lowered its planned unemployment rate from 7% to 5% by 2030, according to an official.
Ahmed Al-Rajhi, the Minister of Human Resources and Social Development, described the Kingdom’s efforts to increase employment rates at a panel discussion at the Budget Forum 2024.
In 2018, the Saudi population’s jobless rate was 12.8%; today, it is only 7.1 percent. We have accomplished the Vision 2030 goal of bringing Saudi unemployment down to 7% by 2030, six years ahead of schedule,” Al-Rajhi stated.
The action demonstrates how Saudi Arabia has advanced its reform program by creating a strong labor market and attaining economic diversification.
In addition to overseeing six distinct workforce and social development strategies, the human resources and social development system plays a significant role in putting Vision 2030 into action by supporting eight of its eleven major initiatives.
“We have achieved an overall unemployment rate of 3.3 percent this year, down from 6 percent in 2018, which is one of the accomplishments of the system and the government as a whole,” Al-Rajhi stated.
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