Unemployment Down, Number of Women up in Saudi Labor Market in 2023

A general view of Riyadh, Saudi Arabia. (Getty Images)
A general view of Riyadh, Saudi Arabia. (Getty Images)
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Unemployment Down, Number of Women up in Saudi Labor Market in 2023

A general view of Riyadh, Saudi Arabia. (Getty Images)
A general view of Riyadh, Saudi Arabia. (Getty Images)

The Saudi Ministry of Human Resources and Social Development unveiled a series of impressive achievements in the pursuit of a more efficient and effective labor market.

The achievements align with the Kingdom's Vision 2030 and show that priority was given to achieve several key goals: protect workers’ rights, ensure safe and healthy workplaces, nurture national talent, and achieve a sustainable balance in the labor market. To achieve these goals, the ministry has in place appropriate laws and regulations, reported the Saudi Press Agency on Sunday.

The year 2023 witnessed significant progress. Over 1,000 government employees received training at international agencies, which helped improve their work effectiveness. The job engagement index for civil servants surpassed the 2022 target, reflecting a more engaged public sector workforce.

The National Training Campaign (Waad) incentivized the private sector to train workers, with over 16,000 trainees benefiting in various sectors. The skills accelerator program focused on boosting the efficiency of Saudi employees in the private sector, targeting industries with the greatest impact on the national economy.

More than 10,000 individuals benefitted from programs fostering self-employment and specialized skills development. Over 500 people with disabilities were integrated into the workforce in 2023, encouraging them to participate in and contribute to the economy.

The launch of a comprehensive program for reporting work-related accidents underlines the ministry's commitment to workers’ well-being.

The "On Time" campaign has been promoting timely wage payment, with over 700,000 establishments complying with the wage protection system for more than nine million private sector employees.

The ministry's efforts have yielded significant results. The unemployment rate dropped from 12.8% in 2017 to 8.6% in the third quarter of 2023. Working conditions for expatriate workers saw a 73% improvement in 2023 compared to 2020.

The percentage of establishments implementing safety and health measures soared from a mere 15% in 2019 to 71.27% in 2023. Compliance with the wage protection system rose significantly, from 50% in 2017 to 86.9% in the third quarter of 2023.

The percentage of employed individuals with disabilities increased from 7.7% in 2016 to 12.6% in the first half of 2024.

The ministry actively supports working women through dedicated programs. The Wusool transportation program has provided transportation to 234,344 women employed in the private sector.

The Qurrah program, establishing centers for children of working women, has enabled 26,363 women to access childcare services through accredited centers.

Over 25,000 women trainees participated in programs designed to equip them with the skills needed to thrive in the job market.

These initiatives have demonstrably increased women’s participation in the labor market. By the third quarter of 2023, the share of women in the labor market has risen to 34.2%, compared to just 21.2% in 2017. Moreover, the number of women in senior and middle management positions has also seen a significant rise, jumping from 28.6% in 2017 to 43.7% by the third quarter of 2023.

The Ministry of Human Resources and Social Development’s commitment to a more efficient and inclusive labor market is fostering positive change in Saudi Arabia. As these efforts continue, they are expected to have an even greater impact on the Kingdom's workforce and overall economic progress.



China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
TT

China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.