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Saudi Arabia Tops 67 Countries in Global Employment Growth Index

One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Tops 67 Countries in Global Employment Growth Index

One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)
One of the employment forums in the Jazan region, located in southern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s labor market continues to set records and lead global rankings. The Kingdom, which was at the top of G20 workforce participation from 2016 to 2021, now leads in employment and labor market growth among 67 countries in the Global Competitiveness Yearbook 2024.

The Saudi government is making several changes to labor laws to align with national strategies and international agreements. Recently, the Cabinet approved amendments to the labor law to support the market and improve conditions in productive and service sectors, aiming to create a more attractive work environment.

According to the National Labor Observatory, Saudi Arabia ranked third in labor market effectiveness legislation and fourth in skilled foreign labor in the Global Competitiveness Yearbook 2024.

The Kingdom also achieved fifth place in the labor market index and sixth in working hours. Additionally, Saudi Arabia ranked tenth in employee training.

Job Opportunities

The latest report shows that Saudi Arabia has improved its labor market rankings, moving from 24th place in 2022 to 16th place this year.

Last Tuesday, the Saudi Cabinet approved amendments to labor laws to improve job stability and protect rights, while enhancing human resources development and increasing job opportunities for Saudi citizens.

Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi said these changes reflect the government's strong support and ongoing efforts to align labor laws with global best practices.

The amendments involved extensive consultations with private sector companies, government agencies, and labor experts.

National Workforce

The amendments are expected to boost market efficiency and meet the needs of employers and employees. Over 1,300 participants contributed to the revisions, which included 38 changes, the removal of seven provisions, and the addition of two new provisions.

In July, the number of Saudi citizens joining the private sector for the first time rose to over 34,600, more than doubling from June. The total number of private sector workers reached 11.473 million, with Saudi employees numbering over 2.342 million.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.