Human and social capital assets as a factor of economic growth in Saudi Arabia

Aim. The work aimed to analyze the possibility of transforming human and social capital assets while preserving societal value systems, using Saudi Arabia as a case study. It also assessed the impact of the new “human resource” on the successful implementation of the “Vision 2030” reform program.

Objectives. The work seeks to conduct a literature review in the context of the declared topic, identify the problems of generating and strengthening human and social capital assets, systematize theoretical and empirical research, select relevant statistical data presenting the main characteristics of human resources in Saudi Arabia, analyze the concept of “Vision  2030” and assess its intermediate results through the prism of human and social capital.

Methods. The study employed literature analysis in sociology and economics, synthesized empirical and theoretical knowledge, and conducted comparative analysis of statistical data.

Results. Saudi Arabia demonstrates a unique experience of transforming human and social capital assets in a short period. Owning to the competent actions of the country leaders to form actually and strengthen human resources, increase the level of identity, social cohesion, improve the standard of living of the population and strengthen the trust factor, the society, which was considered the most closed, “opened up” and took an active position, bringing economic benefits and making a significant contribution to the country’s development while maintaining the value systems. Consistent and successful implementation of the “Vision 2030” concept proves that in the new economic realities, human resources are the most valuable source of national prosperity and solid foundation.

Conclusions. Transformational economic reforms are possible without breaking the identity and cultural foundations of society, and their competent application provides an appreciable economic effect. Regular evaluation of “Vision 2030”, including comparative analyses, progress assessments, and reviews of interim results, are essential for monitoring socio-economic changes and identifying possible difficulties in developing a new human resource as the main economic driving force.

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