Saudi Arabia unemployment citizens - Research Paper Example

The financial sector in the country is highly developed because the banks in the region do not pay taxes. The region is infertile and water resources are scarce. Thus, agronomy accounts for a small fraction of the economy, and the country is forced to import about half of its agricultural products. However, the major challenge that Saudi Arabia faces today is the high rate of unemployment in an zone that has the highest growing population in the world (Al Nisr Publishing). This paper will discuss the issue of unemployed citizens in Saudi Arabia, the problems it imposes and the appropriate solutions that the government and the private sector can impose to address the situation.

Based on views raised by western diplomats, officials and ordinary Saudis, it is evident that they are shocked that such a wealth country is not capable of finding employment for its young women and men. Today, Saudi Arabia is regarded as being wealthier than ever before. The prices of oil have remained high for about three years. Since the prices of oil are set at $60 or every barrel, the country is anticipated to be earning about $480 million in a day. Approximately 40 percent of that amount is spent by the government in areas such as health, education, and man power (Adelman).

If money alone was capable of solving the problem, then the issue of unemployment would not exist in the country. In fact, Saudi Arabia is anticipated to be growing at an alarming rate. The unofficial estimates reveal a 20 percent growth rate while the official estimate reveal 9 percent growth rate. It is higher among those people who are aged below 30 years, and who make up to about two thirds of the country’s population. This means that there is something that is entirely wrong in the economy (Adelman).

For instance, the talk of “Saudization” of labor is one of the push factors as to why unemployment is rising in the