The Dhaka Times Desk Many countries of the world, especially Bangladesh, have many workers in Saudi Arabia. Because there is a demand for work, Saudi Arabia imports workers from different countries of the world. But in recent times there have been cases of layoffs. That's why the unemployment rate is increasing in Saudi Arabia!
According to news media, the unemployment rate in Saudi Arabia increased to 12.7 percent in the first four months of this year. The unemployment rate in Saudi Arabia is believed to be on the rise due to a number of factors including falling oil prices in recent years.
A Saudi government report this week showed the latest unemployment rate. That said, rising unemployment is seen as a major challenge for Riyadh to create new job opportunities for its citizens and stem the slowdown in economic growth. According to the report, this rate is a full one percent higher this year than the same period last year.
Previously, Saudi Crown Prince Mohammed bin Salman announced Vision-2030 to build an oil-free economy and reorganize the economic structure. But the country's policy makers are quite skeptical about how much it will be possible to achieve that vision if the unemployment rate continues to rise. They are thinking about the issue and trying to find a way to solve it.
Saudi Press Agency, the country's official news agency, said that currently 96,552 able-bodied citizens of the country are unemployed. Among them 2 lakh 19 thousand women and 6 lakh 87 thousand 500 men. According to the Vision-2030 target, there is a plan to bring down the unemployment rate to 7 percent by 2030. Besides, there are many other goals to be achieved.
Abu Dhabi Commercial Bank's Chief Economist Monika Malik told the media, 'It is understood that Saudi Arabia is not able to create any new jobs. Job creation has now emerged as one of the biggest challenges for the country in implementing the reform programme. This challenge must be met very strictly.'
It should be noted that currently there are 1.1 million foreign workers working in Saudi Arabia. The policy makers of the country want to reduce the dependence on them. To ensure employment for Saudi citizens.
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