Human Capital Development Typology: A Case Study of the Saudi Arabia

Abstract

Saudi government is struggling to build knowledge based society to encounter social and economic challenges for the year 2030, when oil supply will be just sufficient to meet local Saudi demands. This study embarks upon the importance of the mixed-economy for sustainable growth in the 21 st century. This study investigates three objectives. Firstly, it highlights Saudi socio-economic challenges. Secondly, it identifies alternative ways to realize the vision of mixed economic model for oil driven economy. Thirdly, it identifies the relationship between human capital and Saudi economic indicators. This research presents a typology based upon econometric models using secondary data, collected from World-Bank, World Health Organization (2013) and Saudi Monitory Agency annual statistical data-streams. It is recommended that the Saudi youth can play a vital role in economic growth subject to change in their mindset to overcome artificial joblessness among the Saudis.