Gurugram, India, May 20, 2024 (GLOBE NEWSWIRE) -- The winds of change are blowing strong across Saudi Arabia's macroeconomic landscape. The Kingdom is projected to witness a significant transformation, with its GDP reaching a staggering $1.8 trillion by 2027. Fueled by Vision 2030's ambitious diversification plans, rising oil prices, and a growing population, Saudi Arabia is embarking on a new chapter of economic development. This press release, based on Ken Research's insightful report "Saudi Arabia Macroeconomic Trends & Assessment 2023-2027," explores the key drivers propelling this transformation and offers valuable insights for investors, businesses, and policymakers seeking to capitalize on the Kingdom's potential.
Shifting Sands: Key Drivers of Saudi Arabia's Macroeconomic Transformation
Several key drivers are reshaping Saudi Arabia's macroeconomic landscape:
- Vision 2030 Drives Diversification: Vision 2030, the Kingdom's ambitious economic and social reform program, is a significant driver of change. The program aims to reduce reliance on oil exports and develop non-oil sectors like tourism, renewable energy, and manufacturing. This diversification strategy is expected to create new job opportunities and foster long-term economic stability.
Interested to Know More about this Report, Request a Free Sample Report
Alternative Stat-Based Headings
- Vision 2030 Takes Center Stage: Saudi Arabia's GDP Poised to Reach $1.8 Trillion by 2027 (Highlights the role of Vision 2030)
- Oil Prices on the Rise: Energy Sector Fuels Saudi Arabia's Macroeconomic Growth (Focuses on the impact of oil prices)
- Rising Oil Prices Bolster the Economy: The recent surge in global oil prices has provided a significant boost to Saudi Arabia's economy. Oil remains the Kingdom's primary source of revenue, and higher prices contribute to increased government spending and investment in infrastructure development and social programs.
- Growing Population Creates Opportunities: Saudi Arabia's population is projected to grow steadily in the coming years. This growing population base represents a significant consumer market and a potential source of skilled labor force, contributing to economic growth across various sectors.
Market Dynamics: A Multi-Faceted Economy
Saudi Arabia's economy is undergoing a significant shift, with various sectors playing crucial roles:
- Hydrocarbon Sector Remains Dominant: Despite diversification efforts, the hydrocarbon sector is expected to remain a major contributor to Saudi Arabia's GDP for the foreseeable future. The Kingdom holds vast oil and gas reserves, and efficient resource management plays a vital role in driving economic growth.
- Non-Oil Sectors Gain Traction: Vision 2030's focus on diversification is leading to the development of non-oil sectors like tourism, construction, and financial services. These sectors are expected to contribute increasingly to the Kingdom's GDP and create new employment opportunities.
- Focus on Infrastructure Development: Investing in infrastructure development is crucial for long-term economic growth. The Saudi government is prioritizing infrastructure projects in transportation, energy, and telecommunications sectors, creating opportunities for businesses involved in construction and related industries.
Visit this Link :- Request for custom report
Building a Competitive Landscape: Collaboration and Innovation Pave the Way
The changing macroeconomic landscape presents both challenges and opportunities for businesses operating in Saudi Arabia:
- Foreign Investment Welcomed: Vision 2030 encourages foreign direct investment (FDI) to contribute to the Kingdom's economic diversification and technological advancement. The government is implementing reforms to create a more attractive business environment for foreign investors.
- Focus on Technology Adoption: Technology adoption is crucial for enhancing efficiency and competitiveness across various sectors. The government is promoting initiatives to develop a skilled workforce in information technology and create a thriving innovation ecosystem.
- Sustainability Takes Center Stage: Sustainability is becoming a key consideration for businesses in Saudi Arabia. The Kingdom is investing in renewable energy sources and promoting environmentally friendly practices across industries.
The Future Beckons: Embracing Change for Sustainable Growth
Saudi Arabia's macroeconomic landscape is on the cusp of a transformative period:
- Growth of SMEs: Small and medium-sized enterprises (SMEs) are expected to play a crucial role in job creation and economic diversification. The government is providing support programs and initiatives to foster the growth of the SME sector.
- Evolving Workforce: The changing nature of work demands a skilled and adaptable workforce. Investments in education and training programs are crucial to equip the Saudi workforce with the skills needed for the jobs of tomorrow.
- Geopolitical Landscape Shapes Future: Saudi Arabia's role in the global oil market and its strategic location in the Middle East mean the geopolitical landscape will have a significant impact on its future economic growth.
Request free 30 minutes analyst call
Download the full report to gain a comprehensive analysis of Saudi Arabia's macroeconomic landscape and its exciting future. This report equips you with the knowledge needed to navigate this dynamic market and position yourself for success in the Kingdom's economic transformation journey.
Taxonomy
KSA Macroeconomic Assessment
By Population
- On the basis of Age
- By gender
- By nationality
- By Educational Level
By Literacy Rate
- Male
- Female
By Household Size and Income
- Saudi
- Non-Saudi
- Average Family Income
- Average Individual income with income (SAR)
By Number of Households
- Number of Households
Average monthly Household income (SAR)
- Saudi
- Non-Saudi
- Saudi and Non-Saudi
Average monthly income (on the basis of gender)
- Male
- Female
Average monthly income of a Saudi family (On the basis of qualification)
- PHD
- Masters
- Diploma
Average monthly income of a Saudi family (On the basis of marital status)
- Divorced
- Married
- Never Married
- Widowed
Average per capita monthly income
- Saudi
- Non-Saudi
- Saudi and Non-Saudi
Average per capita monthly expenditure
- Saudi
- Non-Saudi
- Saudi and Non-Saudi
Breakup of the household expenditure (%), (Saudi- Non-Saudi)
- Housing, Water, Electricity, Gas, and other Fuels
- Miscellaneous Personal Goods and Services
- Food and Beverages
- Transport
- Restaurants and Hotels
- Furniture and Furnishings
- Communications
- Fabric, Apparel and Footwear
- Recreation and Culture
- Education
- Health
- Tobacco
Labor Force Participation Rate (%)
- Male - Non-Saudi
- Female - Non-Saudi
- Male - Saudi
- Female – Saudi
Percentage distribution of Employment (%)
- Male (Non-Saudi)
- Female (Non-Saudi)
- Male (Saudi)
- Female (Saudi)
Percentage distribution of Employment (%)
- Age 15 - 24
- Age 25 - 34
- Age 35 - 44
- Age 45 - 54
- Age 55+
Unemployment rate by nationality (%)
- Saudi National
- Non-Saudi National
Unemployment rate by Gender (%)
- Female
- Male
Major Region
- Riyadh
- Al Arid
- Al Qirawan
- Al Narjis
- Al Yasmin
- Al Sahafa
- Al Malqa
- Al Izdihar
- Dammam
- Dhahran
- Al Khobar
- Jeddah
- Mecca
- Tabuk
- Medina
- Al Mohammadiyyah
- Al Ghadir
- King Fahd
- Al Muruj
- An Nafal
- Ar Rabi
- Al Khuzama
- Al Nakheell
- Hittin
- Al Aqiq
- Ar Rihab
- Al Khalidiyah
- Al Faisaliyah
- At Tarif Al Jadid
- Diriyah
- King Saud University
- Almugaider
For More Insights On Market Intelligence, Refer To The Link Below: –
Saudi Arabia Macroeconomic Assessment
Related Reports by Ken Research: –
UX/UI is a trending software, which is used for providing better interface for smooth navigation in mobile apps. Apps in Fintech are especially in need for better customer experience. The major Trending technological advancements like Augmented Reality (AR) Virtual Reality (VR) Voice UI and AI technology etc. made it accessible. Major companies operating in micro lending loan apps has a great optimization features for UX/UI, which are much, needed like user-centered design etc.
US Two-Way Radio Market is showing considerable growth over the years, moving forward with an expected CAGR of ~7% within a time period of 2022 to 2028. This rise is in the wake of digitization globally, which is pushing this market to rise up to the newer challenges.
Advancements in virtual reality (VR), augmented reality (AR), and other immersive technologies are expected to enhance user experiences and find applications in various entertainment sectors, such as gaming, theme parks, and interactive content. Collaborations between entertainment companies in different Asian countries may increase, leading to the exchange of content, talent, and expertise, fostering a more interconnected and diverse entertainment landscape.
The integration of cutting-edge technologies, such as virtual reality, augmented reality, and artificial intelligence, is expected to revolutionize the entertainment experiences offered in the UAE. This will create novel and immersive attractions, appealing to both local and international audiences.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
