Amine Mati and Sidra Rehman, both part of the IMF’s Middle East and Central Asia Department, report an immaculate transformation in the Saudi Arabian economy, as it implements new reforms around oil dependence, income sources, and competitiveness. The IMF’s Middle East and Central Asia Department reports that "Saudi Arabia’s economy is undergoing a transformation, as it implements reforms to reduce oil dependence, diversify income sources, and enhance competitiveness. This year marks an important juncture as the midpoint of Saudi Arabia’s ambitious Vision 2030 journey."
Non-oil growth has accelerated since 2021 in Saudi Arabia. In 2022, it averaged 4.8%, and even with overall lower growth reflecting oil production cuts, the non-oil growth will stay around 5% in 2023. The non-oil revenue has doubled in just four years, and non-oil exports have reached a record $84.4 billion in 2022.
As the IMF Middle Eastern reporters noted, these economic changes mark a midpoint in Saudi Arabia's "Saudi Vision 2023". This vision is a blueprint for the nation, crafted by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister. The vision includes change within the public sector, the economy, and society as a whole. Likewise, government efficiency, investment opportunities, and a better quality of life for Saudi Arabians are some goals of this vision. The main website for Vision 2023 supplements three main goals: 'an ambitious nation', 'a thriving economy', and 'a vibrant society'. The plan is developed into three levels, the first with six overarching objectives, the second with twenty-seven branch objectives, and the third with ninety-six strategic objectives. Also, this plan includes eleven different programs, which range in topic from the Pilgrim Experience to the Financial Sector.
Saudi Arabia has input a new set of laws that will help to promote entrepreneurship, protection of investors' rights, and reduce the costs of business. In 2022, new investment deals and licenses have grown by 95% and 267% respectively. Also, to help promote private sector investments, the Saudi Investment Fund (PIF) has been deploying capital. Likewise, the female workforce has doubled over the past four years, now at 37%. High-skilled jobs increased from 32% in 2016 to 42% in 2022.