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Friday, 11 December 2015
Saudi Arabia needs to invest $4 trillion in non-oil economy to meet jobs demand, McKinsey says | The National
Saudi Arabia needs to invest $4 trillion in non-oil economy to meet jobs demand, McKinsey says | The National:
"Saudi Arabia will have to rip up its social contract and invest $4 trillion in its non-oil economy if it is to provide jobs for its swelling population, and cope with an era of lower oil prices, management consultants McKinsey argue in a new report.
Six million young Saudis are set to enter the labour market by 2030, McKinsey says, creating an urgent need for new jobs. “To absorb this influx would require the creation of almost three times as many jobs for Saudis as the Kingdom created during the 2003–13 oil boom,” the report says.
McKinsey expects that even jobs growth above historical trends would result in mass unemployment, and major cuts to standards of living."
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"Saudi Arabia will have to rip up its social contract and invest $4 trillion in its non-oil economy if it is to provide jobs for its swelling population, and cope with an era of lower oil prices, management consultants McKinsey argue in a new report.
Six million young Saudis are set to enter the labour market by 2030, McKinsey says, creating an urgent need for new jobs. “To absorb this influx would require the creation of almost three times as many jobs for Saudis as the Kingdom created during the 2003–13 oil boom,” the report says.
McKinsey expects that even jobs growth above historical trends would result in mass unemployment, and major cuts to standards of living."
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