Saudi Economic Achievements Affirm the Successes of Vision 2030
By: Dr. Abdullah Bin Ibrahim Al-Sultan
A new achievement for the Saudi economy confirms that we are on the right path towards achieving the goals of Vision 2030, according to what was announced by the IHS Market; During the fourth quarter of 2021, the Saudi economy recorded the highest growth rate among G-20 countries at 11.1%, a significant difference from its closest rival, Italy, at 4.5%.
This is an affirmation of the increase in the rate of GDP growth achieved by the Saudi economy during the third quarter of 2021; above the 7% barrier, the highest annual growth rate since 2012.
This great success confirms the success of Vision 2030 and what was adopted and implemented by our wise Government under the directives of His Majesty King Salman bin Abdulaziz and His Crown Prince Mohammed bin Salman, May God Protect Him, in terms of legislative, regulatory and structural reforms in the national economy since 2016; “, enabled the state to overcome the biggest global economic challenge, the coronavirus pandemic, and quickly recover from the effects of the pandemic, which affected all sectors and led to great paralysis for the most part, which would not have been possible without the extraordinary efforts of our rational government in support of the national economy.”
The successes have extended to the employment sector, which has been hit hardest by the pandemic; According to administrative records, the rate of Saudis employed in the private sector rose to its highest quarterly level ever, reaching 90,000 during the fourth quarter of last year alone. The number of Saudi workers in the private sector surpassed the 1.9 million mark for the first time ever in December 2021, which reflects the effectiveness of the government’s policies and efforts to provide jobs for Saudis in the private sector.
Another success is the high rate of women’s participation in the labor market, exceeding the expectations and target of Vision 2030 ; In the third quarter of 2012, the rate reached 34.1% thanks to the state’s support for women and the effective social and economic reforms it has undertaken.
Other achievements include the increase in the contribution of national exports to the gross domestic product, where the value of non-oil exports reached 195 billion riyals by the end of the third quarter of 2021, a 33% increase compared to last year, which confirms the policies of Vision 2030; to diversify an economy that has long relied heavily on oil as its sole source of GDP. The kingdom has succeeded in reaching sixth place among G-20 countries when non-oil activities are seen as determining the kingdom’s economic performance.
The projections point to the continuation of the blossoming trend of the Saudi economy, as the implementation of Vision 2030 and the ambitious transformation plans and programs in 2022 and the coming years, which aim to inject more than 12 trillion riyals until 2030, is proceeding at a confident pace. Congratulations to the kingdom and its people .. and a greeting to our wise leadership