Saudi Arabia Leads G20 in Workforce Growth
The Kingdom of Saudi Arabia has emerged as a powerhouse in workforce participation, boasting the highest growth rates among all G20 countries from 2016 to 2021. According to data from the Kingdom’s National Labor Observatory, Saudi Arabia has seen remarkable progress in both male and female workforce engagement.
Milestone Growth in Male and Female Workforce
Male workers in Saudi Arabia experienced a significant growth rate of 1.7 percent, surpassing other G20 nations such as Australia. Meanwhile, female workforce participation saw an impressive 5.5 percent growth, far outpacing the rates of other countries in the G20.
Driving Forces Behind the Growth
The Kingdom’s dynamic labor market, fueled by economic expansion and initiatives to enhance female participation, has been a key driver of this growth. Aligned with Saudi Vision 2030, these efforts aim to attract top talent, empower women in the workforce, and boost the country’s economy and society.
Rising Labor Participation Rates
Saudi Arabia also saw the highest increase in labor participation rate among G20 countries, with a 6.2 percent rise. The Kingdom ranks second in male labor force participation rates, showcasing a commitment to fostering a vibrant and diverse workforce.
Progress Towards Vision 2030 Goals
Despite challenges in youth workforce participation, Saudi Arabia remains among the top 10 G20 countries in overall employment rate. The Kingdom has recorded significant increases in both male and female employment rates, supported by strategic policies and programs.
Economic Milestones and Global Engagement
Saudi Arabia’s economic reforms have yielded impressive results, with the Kingdom achieving its lowest unemployment rate in 2023. Active participation in G20 meetings, particularly in the Women’s Empowerment Working Group, highlights Saudi Arabia’s commitment to global progress and collaboration.
Recognition for Economic Transformation
Positive economic reports from international organizations like the International Monetary Fund and the Organisation for Economic Co-operation and Development underscore Saudi Arabia’s successful economic transformation and growth. The Kingdom’s strategic policies and diversification efforts have positioned it as a leader in the global economic landscape.