Saudi Arabia emerged topper in employment growth index as per Global Competitiveness Yearbook 2024

According to the Global Competitiveness Yearbook 2024, Saudi Arabia ranked first out of 67 nations worldwide in both the labour market and employment growth indices. Due to the acceleration of the market's performance rate, the Saudi labour market continues to produce record outcomes with leading worldwide indicators. During 2016–2021, it led the G20 in the labour force participation rate. The Saudi National Labour Observatory published the country's 2024 Global Competitiveness Yearbook results on Thursday.

In order to be in line with the national policy in this context, the Saudi government is moving forward with a number of systemic and legal changes and labour market reforms. This is also consistent with the international accords that the Kingdom has accepted; the most recent of them being the Council of Ministers' permission to modify many provisions of the Saudi Labour Law. In order to create a more appealing work environment, this is intended to help the market as well as the production and service sectors. 

Saudi Arabia was placed fourth in the Skilled Foreign Labour Index and third in the Labour Market Effectiveness Legislation Index, according to the Global Competitiveness Yearbook 2024. 

In the labour market category, the Kingdom came in fifth, in the working hour index, it came in sixth, and in the employee training index, it came in tenth. 

According to the most recent report released by the National Labour Observatory, the Kingdom has experienced progressive improvements in labour market indicators as reported in the World Competitiveness Yearbook. Out of 67 countries covered by the yearbook, the Kingdom was ranked 24th in 2022, 17th in 2023, and 16th this year.