Saudi Arabia ranked first in the growth rate of its labor force, surpassing the G20 countries during the period between 2012 and the end of 2021, according to the labor market benchmarking report released by the National Observatory of the work.
The report follows international indicators issued by data from the International Labor Organization (ILO) and a group of leading labor indicators for the Kingdom, which include annual labor force growth, labor force participation rate, employment rates employment and unemployment, and the rate of those out of education, work and training.
The National Labor Observatory provides a series of services and products specialized in the labor market, based on complete and accurate data that allow to anticipate the future of the labor market, evaluate policies and programs and measure their impact and support decision makers and political leaders, in a way that reinforces the observatory’s vision of being the main and reliable source of data and images on the labor market.
And an analysis of indicators issued by the G20 countries and the International Monetary Fund showed that the Saudi economy has recovered from the repercussions of the Corona at a faster pace than the world’s major economies thanks to the implementation of diversification plans of the economy, which led to strong growth in the non-oil sector, as well as growth in the oil sector with increased production within an alliance agreement. OPEC+”.
Saudi Arabia recorded second best performance economy among the G20 countries in the third quarter of last year, with a growth of 5.7% on a quarterly basis.
On a quarterly basis, Saudi Arabia came second after India, whose economy grew 12.7% in the third quarter.
The ranking in terms of economic growth was as follows: India 12.7%, Saudi Arabia 5.7%, Argentina 4.1%, France 3% and Turkey 2.7%.
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