INVESTING IN HUMAN CAPITAL AND ITS ROLE IN ACHIEVING ECONOMIC GROWTH IN LIGHT OF THE KINGDOM’S VISION 2030

Abstract

This study aimed to identify the role of investment in human capital in achieving economic growth in light of the Kingdom’s Vision 2030 by focusing on the period (2016-2023), and by following the content analysis method, as it is one of the methods of the descriptive analytical approach. The study reached a set of results, the most important of which are: that there is a direct correlation between investment in human capital and indicators of economic growth. The increase in the volume of spending on education, human development, health, and social services in the Kingdom led to an increase in the value of the gross domestic product; Investment in human capital is an essential factor in diversifying sources of GDP, and this is evidenced by the high percentage of non-oil sectors’ contribution to GDP, and that the Kingdom has achieved a distinctive leap in the field of human resources development, as a result of the increase in the volume of spending in this aspect. Investment in human capital has contributed to reducing unemployment rates and the dependency ratio for individuals of working age, and has also contributed to expanding the scope of women’s participation in the labor market. However, human development indicators in the Kingdom are still below the desired level.