Let’s talk about two changes that have been established in 2020, examining Vision 2030 in Saudi Arabia and the small business resources of Tennessee during COVID19. While these two situations may seem unrelated, the impacts made throughout the year connect them together in a unique way.
Assessing Saudi Vision 2030: A 2020 Review
Led by Crown Prince Mohammed bin Salman, the goal of Vision 2030 is to shape the social and economic development of the country. With a mantra of “A Nation of Hope”, this initiative has set out to diversify the trends of industry and to have a major effect on the economic welfare outlook of the nation. Resulting from this major effort, one of the most noticeable differences between 2019 and 2020 is the foreign direct investments made in the country – a total of 7.4 billion, and the prediction of a 4.1 percent growth rate for 2021. Interestingly, these investments are mainly aimed towards the Information and Communications Technology, Retail, Industrial, Tourism, and Hospitality sectors, which is an effort to try and involve younger generations in the progress of the country. This shift in emphasis also included regulations and reforms that impacted the economy in an effort to encourage growth and international integration.
Not only has there been noted technology and fiscal reform, but also in social policy, such as the allowing of entertainment venues and providing better economic opportunities for women within the workforce which have become a primary focus of the Vision 2030 plan. For example, the General Authority of Sports has allowed for women to be presented with the same recognition for professional performance as men, leading to the countries’ female athletes to start making career paths within athletics or within the highly influential sports industry. All of this is in effort to aid the country within its Economic and Development Affairs.
COVID-19 Small Business Resources
Launched while the development of Saudi Vision 2030 was in progress, 2020 has brought its own wave of changes to Tennessee due to the COVID-19 pandemic. Small businesses further invested resources in digital platforms, moving towards more online-centered commercial trends. To be able to support those in the region, the Tennessee Small Business Development Center created a collection of resources such as employment updates, relief funds, and updated health plans, amongst other platforms that were essential assets connecting the commercial industry to the state. The development of these platforms were essential measures of relief in order to not have the economic damage due to the pandemic spiral out of hand.
Within the resources, organizations have found themselves caring for their employees better than ever due to whatever unique situation or medical agenda each person deals with individually. Policies such as paid and unpaid leave are able to cover the difficulties of individual situations and strive to keep those in the region employed. All in all, an effort was put in to try and keep everyone in the state connected to their place of employment, being able to provide the same level of service they’ve always done.
Overall, 2020 has made a considerable effort towards progress. Whether it’s within a region of the Middle East looking to boost its economy while aiming to connect their younger generations, or a state government trying to ensure their citizens stay connected to the work they love, the investments into the present and future generations saw great advancement throughout this year.
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