360000 Saudis entered labor market for first time between 2019 and 2023

360000 Saudis entered labor market for first time between 2019 and 2023

Saudi Gazette report RIYADH — There has been a big jump in the participation rate of Saudis in the private sector from 1.7 million in 2019 to 2.3 million during the current year, according to a recent report of the Saudi Ministry of Human Resources and Social Development (MHRSD).The statistical figures contained in the Labor Market Bulletin, under the MHRSD, showed that more than 360000 Saudis, who had never entered the labor market earlier, joined the market during this period. The increase in the hiring of Saudis led to a decrease in the total unemployment rate to 8.3 percent in the second quarter of 2023. The remarkable growth in the number of Saudis in the employment market is mainly attributed to the major reforms, as well as to the labor market strategy, and the great support that was reflected in the major transformations in the labor market in generating jobs for Saudis.The ministry has made many efforts to make the labor market in the Kingdom an attractive one for talents and competitiveness in global markets. The labor market strategy, through its programs and initiatives in support of achieving the Kingdom’s Vision 2030, has contributed to achieving tangible results at the