Employment rates are typically considered an important indicator of a robust economy and growth.
When many people are employed, it signifies that a country has a stable economy; businesses are busy and highly profitable so that retrenchment never happens, and there is a constant need to hire additional employees.
Because of this, a high employment rate is used as an indicator of a country’s prosperity. The Legatum Institute, a renowned UK-based educational charity, includes this factor, which falls under the Economic Quality pillar, in their yearly ranking of the world’s most prosperous nations.
The Legatum Prosperity Index’s Economic Quality pillar is measured using five key areas:
- Structural economic policies
- Economic satisfaction and expectations
- Distribution of wealth
- Labor and financial engagement
- Production quality and diversity
With these areas in mind, this particular pillar evaluates each country’s openness of economy and business and financial opportunities for organizations and individuals.
As one of the most prosperous regions in the world, the Middle East and North Africa area has always been a favorite destination of foreign workers.
These countries offer an abundance of employment opportunities that both locals and expats find attractive, and can fulfill their career and financial aspirations.
Based on the Economic Quality pillar of the Legatum Prosperity Index, below are the top five countries that offer the best employment opportunities in the MENA region:
Ranking 9th on the Economic Quality pillar, Bahrain is considered one of the best countries that provide high-quality jobs and opportunities for career advancement.
According to a CNBC report, the majority of expat workers say that they enjoy better earnings prospects in Bahrain than in their home country. They are satisfied with their jobs and are positive about their career outlook as well.
Additionally, the majority of workers in Bahrain are happy with their work-life balance. They find time to have fun and enjoy and do not devote themselves to purely working.
Occupying the 18th spot in the Economic Quality pillar, the UAE continues to be one of the most sought-after destinations for foreign workers. It is one of the best countries for locals to work in as well.
This country is widely renowned for its impressive financial incentives for expats.
Workers here receive attractive benefits as part of their employment package, which is generally considered one of the highest in the world.
Foreign workers also enjoy better earnings prospects than what they previously received in their home country.
The UAE is also recognized for its inviting work culture; because of this, many workers are satisfied with their workplace environment, practices, and values.
As one of the wealthiest countries in the world that boasts high standards of living, Qatar ranks 23rd in the 2018 Prosperity Index.
Expats make up most of the working population in this nation. English is widely used here as well. As such, foreigners will experience a smooth transition if they pursue employment in this country.
Additionally, Qatar has a low unemployment rate for its legal citizens. They enjoy satisfactory career prospects, as well.
Moreover, workers in Qatar receive compensation packages that are usually similar to those paid in Western countries. However, they are tax-free.
The country of Israel ranks 32nd in the Economic Quality pillar.
Aside from having a stable economy, the latest study shows that Israel only has an unemployment rate of 4.8 percent.
For expats and locals, working in Israel today means immersing themselves in a more liberal and diverse market economy. It is also highly likely that workers will find themselves engaged in technology and export – the country’s top two booming industries.
As one of the safest and most beautiful countries in the world, Israel is one of the best places to work in for people seeking work overseas.
Ranking 43rd in the Economic Quality pillar of the Legatum Institute’s 2018 Prosperity Index, Kuwait has maintained its status as one of the most popular destinations for foreign workers. This is mainly due to the fact that the country has one of the lowest unemployment rates not only in the MENA region but worldwide as well.
Additionally, both locals and expats enjoy tax-free compensation packages – another excellent reason to work here.
In Kuwait, employment opportunities abound in the oil, finance, business services, and real estate sectors.
The abundance of employment opportunities in a country is a crucial factor to consider when deciding where to work overseas.
By taking note of the economic status of a nation, expats will also have a higher chance of boosting their career prospects and financial status and achieving the perfect work-life balance.