Saudi Arabia’s Vision 2030 is a nationwide plan that the Kingdom will be executed to tap into various sectors of the Kingdom and unlock the potential of people to expand the Kingdom’s economy.
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This plan is expected to generate employment opportunities for its citizens and achieve more foreign direct investment. Its main target group is the youth, through whom the kingdom seeks to develop the kingdom with a better business environment, restructure economic cities, and reduce restrictions to make the energy market more competitive.
The main targets under the plan are increasing the annual share of non-oil exports in non-oil GDP, raising Saudi Arabia’s Logistics Performance Index ranking, increasing the private sector’s and FDI’s contribution to GDP, increasing women’s participation in the workforce, increasing the contribution of small and medium-scale enterprises to GDP, and increasing women’s participation in the workforce, ultimately lowering the rate of unemployment.
As of 2023’s official records of the Kingdom, the unemployment rate has reduced by 3.7% as compared to 2016. The Kingdom’s GDP ranking also rose from 20th in 2016 to 17th in 2023. The private sector contribution to the GDP is currently 45%, going by the plan towards achieving Vision 2030.
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Regarding the tourism sector, the Kingdom was visited by 106 million tourists, of whom 27.4 million are international tourists, earning the 2nd rank in the growth rate among international tourists.
The 2023 Annual Report has also highlighted the successful implementation of 87% of the 1064 initiatives planned for 2024. The Kingdom’s willingness to achieve Vision 2030, as highlighted by its success in various sectors, is a reminder of its progress in the economy as a diversified economy.