Saudi Arabia $1.8 Trillion Transformation: Macroeconomic Landscape Poised for Growth by 2027: Ken Research

Saudi Arabia ambitious Vision 2030 drives a $1.8 trillion transformation by 2027. Oil prices rise, and the population grows, fueling economic growth. Hydrocarbon sector remains strong, but non-oil sectors like tourism and construction gain traction. Infrastructure development is key. Foreign investment and technology adoption are encouraged. Sustainability gains importance. SMEs and a skilled workforce propel future growth. Geopolitical landscape plays a crucial role.

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. 

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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. 

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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. 

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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. 


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

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