Saudi Non-Oil Economy Records 20% Growth Since 2016

Saudi Arabia’s non-oil industry is growing at a rapid pace. This is the result of actively promoting the medium- to long-term development plan “Vision 2030,” to break out of the oil-centered economic structure.

According to the Institute for International Economic Policy on the 28th Faisal Al Ibrahim, Saudi Arabia’s Minister of Economic Planning recently stated at the World Economic Forum (WEF·Davos Forum) “Saudi Arabia’s non-oil economy has grown by 20% since 2016, surpassing the growth rates of the European Union (EU) and the United States during the same period.”

He continued, “The non-oil sector is showing the fastest growth rate in the Saudi job market, and the increasing demand in the labor market is a positive signal for the future Saudi economy.”

Minister Al Ibrahim emphasized, “The robust growth of the non-oil sector is credited to Vision 2030” and described it as “a powerful force that has transformed the national economy and society and led the kingdom to a prosperous future.” “Bold reforms and cooperation are important to sustain Saudi Arabia’s non-oil economic growth,” he also stated. “They are key elements in maintaining economic resilience and diversity.”

Meanwhile, Saudi Arabia is pursuing “Vision 2030,” a medium- to long-term development plan to break out of the oil-centered economic structure. This is a strategic national evolution plan to reduce Saudi Arabia’s economic dependence on oil, diversify the economic structure, and promote healthcare, education, infrastructure, recreation, and tourism. The goal is to expand non-oil sector exports from 16% in 2016 to 50% by 2030.

By. Sung Hwan Hong