Despite the decrease in oil production affecting Saudi Arabia’s GDP, the country remains a strong emerging market in 2024. This is due to growth in its non-oil economy, which has made the country one of the most resilient emerging markets in the world.

The Vision 2030 program launched by Crown Prince Mohammed bin Salman eight years ago has played a key role in diversifying the economy and creating job opportunities for a growing local workforce. The social transformation initiated by this program has created jobs and supported economic growth outside of the traditional oil sector, benefiting the local workforce.

The ongoing growth in Saudi Arabia’s non-oil economy has made it one of the most resilient emerging markets in 2024. Our community members gain access to in-depth coverage of key markets, insights from financial leaders and policymakers, regional and national bank rankings, and awards. Activate your free trial today to continue reading about the economic transformation in Saudi Arabia and other important developments around the world.