Vision 2030

Saudi Crown Prince announces highest ever employment rate, hails economic reform

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Saudi Arabia’s Crown Prince Mohammed bin Salman has hailed the Kingdom’s economic transformation and financial reforms as he outlined the country’s financial budget for 2023 and announced the highest employment rate in the country’s history.

He said that the Kingdom achieved, until the end of the third quarter of 2022, high rates of real GDP growth, amounting to about 10.2 percent, and this was clearly reflected in the growth of many economic activities and various non-oil sectors, recording growth rates of 5.8 percent.

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The Crown Prince said it is expected that, by the end of this year, the GDP growth will reach 8.5 percent.

He attributed this to the creation of more job opportunities, which contributed to the decline in unemployment rates among citizens to 9.7 percent during the second quarter of 2022, the lowest during the past 20 years.

Now, more than 2.2 million citizens work in the private sector, the highest in the Kingdom's history. Women's economic participation has doubled from 17.7 percent to 35.6 percent

The Crown Prince also affirmed that the Saudi citizen is the greatest asset that the Kingdom of Saudi Arabia possesses for success, as the role of the citizen is pivotal in comprehensive and sustainable economic development, contributing directly to accomplishing achievements and moving forward in various fields and promising sectors.

The Crown Prince said next year would see spending prioritized on capital projects according to regional and sectoral strategies, in line with the targets of the Kingdom's Vision 2030 plan and national policies.

He said that the government continues to implement programs and projects with to ensure stability, growth and diversification of the country’s economy, state news agency SPA reported on Thursday.

Saudi Arabia this year achieved its first fiscal surplus since 2013.

He said that he economic recovery, financial control initiatives and policies, and the development and efficiency of public finance management contributed to achieving a surplus in the 2022 budget. The surplus is expected to reach about 2.6 percent of the gross domestic product in 2022.

The Crown Prince said the surpluses achieved in the budget will be directed to enhance government reserves, support national funds, and strengthen the Kingdom's financial position to raise its capabilities to face global shocks and crises.

He explained that the economic and structural reforms being implemented since the launch of the Kingdom's Vision 2030 contributed to improving financial and economic indicators and advancing the march of economic diversification and financial stability.

As Al Arabiya reported Wednesday, total spending will reach SAR 1.114 ($300 billion) trillion in 2023, and public debt will decline by 3.5 percent in 2023 to SAR 951 billion ($253 billion).

The Crown Prince said that the state's budget for 2023 comes as a continuation of achieving the goals of the Kingdom’s Vision 2030, as it focuses on accelerating the achievement of results, as the government has succeeded in implementing many supportive initiatives and structural reforms to enable economic transformation and involve the private sector in the transformation journey.

He added that the Kingdom will continue during the next year and in the medium and long term to increase the attractiveness of the Kingdom's economy as a base for domestic and foreign investments and diversifying the economy by developing promising sectors.

His said the Kingdom's Vision 2030 focuses on adopting huge reforms in various fields.

A vital and sustainable industrial sector that is able to compete and relies on exports achieves the Vision's targets, he said, adding that, the national strategy for industry was launched with the aim to develop the industrial business environment and diversify its base, enhancing the Kingdom’s international trade, strengthening the access of national exports to global markets, developing and promoting innovation and knowledge.

The Crown Prince said that the strategy is expected to achieve a huge positive impact on the Kingdom’s economy, as it has identified more than 800 investment opportunities worth SAR 1 trillion ($270 billion) and is working to double the value of industrial exports to reach SAR 557 billion ($148 billion).

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Saudi Arabia achieves its first fiscal surplus since 2013

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