Saudi Arabia fails to create job opportunities.
Referring to the unemployment crisis in Saudi Arabia, an American website stated that the country has failed to create job opportunities.
According to the International News Group, quoted by Saudi Lex, the website of the American news network “Bloomberg” announced that it hopes to create job opportunities in Saudi Arabia due to the economic turmoil and the failure of the 2030 vision promises made by Saudi Crown Prince Mohammed bin Salman. Advertised, still in recession.
The news network’s website said that hope for job opportunities was dashed again last August due to a reduction in workload and measures for the future.
Bloomberg added that the unpredictability of the Corona virus meant that negative risks to Saudi trade remained high, while companies expected domestic business conditions to improve in the coming months.
According to Bloomberg, trade in Saudi Arabia has not increased in the past 10 months, as declining demand for oil exports has also affected the Saudi non-oil economy.
The IHS Purchasing Managers’ Index fell to 55.1 from 54.8 in August and remained above 50, indicating a slowdown in growth. Thus, the survey showed that employment growth is still slow.
“Saudi Arabia’s non-oil economy slowed in August, with production growth hitting its weakest level in 10 months, while new business growth slowed,” said David Owen, an economist at IJS Market. Although domestic demand remained strong and businesses saw a small increase in tourists, many businesses continued to struggle with challenging market conditions amid the outbreak of coronavirus.
Despite the continuation of Muhammad bin Salman’s promises to reduce the unemployment crisis in Saudi Arabia, the Saudi economy is showing negative performance in the face of the unemployment crisis in this country. Official statistics for the first quarter of 2021 show that unemployment among Saudi citizens has reached its lowest level in nearly five years.
International economic centers acknowledge that the recent decline in unemployment among Saudis, which is being promoted by Saudi officials, is partly due to a large outflow of labor, and this is news to the Saudi Crown Prince, who has put job creation on the agenda for young people. It is not pleasant.
Unemployment is still high in Saudi Arabia, while Saudi officials claim to have provided thousands of jobs, especially for women.
Despite the “economic reforms” that began more than two years ago, and as the Saudi Crown Prince proclaimed his vision, job opportunities or the development of other non-oil industries have not been very successful.
Last year, the crisis over the outbreak of the Corona virus led to an increase in unemployment among Saudi citizens to 4.15 percent, while the poor performance of the government and the inability to provide serious solutions to deal with the virus have been complained about.
Saudi officials have restricted a large number of jobs to Saudis only and imposed costs on companies hiring foreign workers as part of a broader effort to replace workers in Asia, Africa and other parts of the Arab world.
Mohammed bin Salman is also trying to increase entrepreneurship and attract more foreign investment by amending regulations, in the hope that the two will create more job opportunities for Saudis.
Economists believe that Bin Salman’s goal is unrealistic, as many young people enter the labor market, which requires the creation of at least 150,000 new jobs a year to maintain sustainable unemployment.
The unemployment crisis in Saudi Arabia has been discussed in the discourse of councils and social networks in the country due to the public dissatisfaction with corruption and the failure of the government in the economic case.
