The Saudi economy contracted by 4.1 percent in 2020, hit by the COVID-19 pandemic, lower crude prices and output cuts, according to data published by the General Authority for Statistics on Wednesday.
The economy of the world’s top oil exporter contracted by 3.8 percent in the fourth quarter of 2020 compared to the same period a year earlier, but grew 2.8 percent on a quarterly basis, according to preliminary estimates.
Saudi Arabia will publish final gross domestic product (GDP) data on March 16, the authority said.
The Kingdom announced its budget for 2021 in December, with spending projected at SR990 billion ($264 billion) and revenue projected to rise by 10.3 percent to SR849 billion.
The budget deficit is projected to narrow to SR141 billion, or 4.9 percent of economic output, compared to nearly SR300 billion, or 12 percent of the Kingdom’s GDP, this year.
Saudi economy contracted by 4.1% in 2020
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Saudi economy contracted by 4.1% in 2020
- Economy of world’s top oil exporter shrank by 3.8% in Q4 year-on-year
Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review
- The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts
RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.
The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.
Al-Nobala has leveraged international expertise to localize advanced learning methodologies.
The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.
According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.
“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.
The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.
Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.
Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.
