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

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

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