Research
Research
News
those who supply products for food and consumer goods are benefiting from the high growth rate among the region ’ s indigenous population . oil revenues . Data from the survey indicates that the Kingdom continues to be hard hit , with 45 % of participating firms expecting headcount reductions in 2017 compared with just 15 % of firms in the UAE .
This is consistent with the IMF ’ s findings , which recently revised down its GDP growth outlook for Saudi Arabia from 2 % to 0.4 %. However , the Kingdom has embarked on the region ’ s most ambitious economic reform initiative , the National Transformation Programme , which aims to significantly reduce the country ’ s dependence on oil over the coming years .
Sector Variations
GulfTalent ’ s survey found significant variations in the fortunes of different sectors across the region .
Manufacturers reported the most positive outlook , with 58 % of firms in the sector planning to grow staff numbers in 2017 . The sector has been a prime focus of economic diversification efforts by governments over the last couple of years . Some surveyed companies cited streamlined regulations , strong logistics networks and proximity to export markets as factors contributing to their growth . Meanwhile ,
Healthcare companies , including hospitals , reported the second highest rate of jobs growth , with 55 % of firms planning headcount expansion . This is also largely on the back of increasing demand from a fast growing population , further fueled by government investment and regulatory changes requiring employers to provide medical cover for their employees .
Banks are expecting a relatively positive year , with 44 % planning some increase in headcount . Only 8 % of surveyed banks plan to cut staff this year , in sharp contrast to 38 % who reported cuts in 2016 . With the economic outlook more stable , some are taking the opportunity to fill specialist vacancies that were left unfilled last year due to hiring freezes . Furthermore , most banks are actively expanding their collections
February 2017 37