Economics
Saudi Crown Prince Says Jobs, Investment on Track as Doubts Grow
- Prince says unemployment spike is ‘side effect’ and will ease
- Foreign investment is recovering after 2017 slump, he says
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Saudi Arabia’s ambitious attempt to overhaul its oil-dependent economy is on track and indicators that suggest otherwise -- like a surge in unemployment and a slump in foreign investment -- will soon change direction, the kingdom’s crown prince said.
The jobless rate, now the highest in more than a decade at 12.9 percent, will start falling next year as higher oil prices permit more government spending, Mohammed bin Salman said in an interview in Riyadh.