Saudi Arabia's unemployment rate has fallen to a historic low of 2.8 percent, with half of employed Saudi nationals now working in the private sector, according to a joint report by the World Bank and Saudi Arabia's Ministry of Human Resources.
The report finds Saudi Arabia's economy has entered a new growth phase characterized by greater reliance on human capital, private sector employment, and the digital economy. Labor force participation has risen to 67.1 percent. The digital economy contributes approximately 15 percent of GDP.
World Bank Assessment
World Bank Managing Director Paschal Donohoe described Saudi Arabia's achievements as reflecting the development of a new growth model linking employment, skills, innovation and knowledge application. He noted the partnership has shifted from financing and technical assistance to knowledge creation and expertise exchange.
The establishment of a Knowledge Hub in Riyadh - the first of its kind in the region - was described as a turning point. The center will document Saudi development experiences and transform them into models applicable in other countries, with the Seha Virtual Hospital highlighted as a global adaptation candidate.