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Saudi Study: 65% of Future Jobs Don’t Currently Exist

Riyadh Gov. Prince Faisal bin Bandar inaugurates Tuesday Riyadh Economic Forum (REF), in its ninth edition. SPA
Riyadh Gov. Prince Faisal bin Bandar inaugurates Tuesday Riyadh Economic Forum (REF), in its ninth edition. SPA
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Saudi Study: 65% of Future Jobs Don’t Currently Exist

Riyadh Gov. Prince Faisal bin Bandar inaugurates Tuesday Riyadh Economic Forum (REF), in its ninth edition. SPA
Riyadh Gov. Prince Faisal bin Bandar inaugurates Tuesday Riyadh Economic Forum (REF), in its ninth edition. SPA

The Saudi Minister of Education, Dr. Hamad Al al-Sheikh, showcased Tuesday a study on future jobs, revealing that 65 percent of them don’t currently exist while 41 percent others are subject to replacement.

The study also showed a drop in the unemployment rate during the past four years, reaching 12 percent in 2019 from 12.8 percent in 2017.

Dr. Hamad stressed that some new jobs surfaced with time, and with the change of technique and industries. Also, some skills became a must in all fields, he continued.

The minister highlighted the need to know future jobs, 21st-century skills, and functions of the Fourth Industrial Revolution.

Riyadh Gov. Prince Faisal bin Bandar inaugurated Tuesday Riyadh Economic Forum (REF). Dr. Hamad chaired a session to study future jobs, in which it focused on outlooking future jobs in Saudi Arabia in response to international and local technical, social, and economic changes.

The Chairman of the Riyadh Chamber of Commerce and Industry (RCCI), Ajlan al-Ajlan, told Asharq Al-Awsat newspaper that the kingdom offers work to everyone.

The changes achieved in the past two years need 20 years to be accomplished, he said.

Moreover, REF continues to present studies and sessions from Jan. 21 till the 23rd of Jan. In its 9th edition, the forum tackles five studies on the role of balanced development in promoting reverse migration, economic reforms and their impact on economic development, the role of the not-for-profit sector in social and economic development, future jobs in the kingdom, and the impact of environmental issues on economic and social development.

This forum was launched 18 years ago to go in tandem with the development requirements and outlook the role that can be played by the private sector to reinforce researches and studies and to boost the economy.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.