Jobs in Saudi Arabia: Due to the fear of economic recession at the global level, companies around the world are firing people, due to which the cases of unemployment have increased worldwide. Meanwhile, Saudi Arabia has registered the highest growth in the last five years in terms of employment. According to a survey, Saudi Arabia has given more jobs in 2022 than in five years.
Saudi Arabia has reported its strongest increase in employment in nearly five years, as non-oil companies forecast a sharp increase in business activity through the end of 2022. According to a survey by S&P, there has been a rapid increase in employment in business activity. The Riyadh Bank Saudi PMI stood at 56.9 in December, well above the 50 mark separating growth from contraction. The gauge reached 58.5 in November, the highest in seven years.
Naif Al-Ghaith PhD, Chief Economist at Riyad Bank, said that there had not been such a big increase in the non-oil sector in five years. This is due to the private sector reforms under Saudi Vision 2030. This, in turn, leads to a sharp increase in non-oil activities in December and a strong labor market by the end of 2022. With both, jobs and salaries have increased more than before.
Increased sales to meet demand
He said that according to the December data, it may continue to increase in the coming fourth quarter as well. It has reduced the GDP growth of non-oil sector to 4 percent in 2023. According to the survey, the result of jump in PMI has further strengthened business activity. It has been said in the survey that the firms have increased their sales to meet the demand.
Received more number of orders from abroad
At present, there has also been an increase in the number of new orders, which is 30 per cent as compared to a month ago. While sales have increased in four sectors. Apart from this, the companies have received a large number of orders from abroad as well. With the increase in sales, Saudi Arabian firms have also increased employment. In terms of giving jobs, this is the highest in five years.
Reduction in backlog due to increase in capacity of employees
Increased workforce capacity helped companies reduce backlog for the seventh consecutive month, although the rate of reduction was the lowest since June. In December, the prices charged by the companies increased at the fastest rate in nine months.