Saudi Arabia: Unemployment has fallen sharply in five years | Business and Financial Issues

The drop is due to people resigning altogether, which is not good news for Prince Prince Mohammed bin Salman, who has promised to create jobs for young people in the future.

Unemployment among Saudi Arabian nationals has plummeted for nearly five years, but the decline has been sparked by the resignation of the retired, unconfirmed reports of a prince who has started work for young people in his midst for talks.

The unemployment rate dropped to 11.7% in the first quarter compared to 12.6% in the fourth quarter, and continued to decline after the peak of the epidemic, according to a study by the General Authority for Statistics. However, share participation in the sector declined, from 51.2% in the fourth quarter to 49.5% in the first three months of the year – the largest decline since the economic downturn in 2017.

The creation of jobs is a priority for Crown Prince Mohammed bin Salman, the country’s leader, as he redesigns the economy dependent on oil exports and foreign operations. The global health crisis has exacerbated the problem, forcing the unemployment of citizens to 15.4% by the time the coronavirus regime closed last year.

Officials have banned the Saudis from a number of jobs and have imposed fines on recruiting foreign workers – part of the transformation of workers from Asia, Africa and other parts of the Arab world. Prince Mohammed is also changing the law to try to boost business operations and attract foreign investment, hoping all will create jobs in the Saudis.

In a televised interview in April, he predicted that the unemployment rate would fall below 11% this year, signaling a “V-like recovery,” by finally achieving its 7% target by 2030.

Some economists say what the eldest son wants to do is unlikely to happen because more and more young people are entering the labor market, creating 150,000 new jobs each year to keep unemployment afloat.

In the first phase, male unemployment rose slightly to 7.2%, while among women, the figure dropped to 21.2% from 24.4%, following the efforts of many women in contraceptives in the Islamic world.

Wednesday’s release did not include the number of regional and international staff – indicators that have been cited by statisticians for years – making it difficult to keep track of work. In the fourth quarter, the number of Saudis employed in the civil service fell as the number of foreign workers in the group dropped to more than 100,000.