|Arab and international|
Economy News _ Baghdad
"The Arab region needs to create 16 million jobs over the next five years," said Jihad Azour, regional director of the International Monetary Fund in the Middle East and Central Asia.
Azour said during his participation in the Arab Strategy Forum held in Dubai that the region is weak in securing new jobs and the challenge is to reduce the unemployment rate.
According to the Arab Labor Organization, unemployment in the Arab world is the highest in the world, approaching 20%.
Among the most prominent reasons for this rise is political and economic instability and internal conflicts, especially in Syria, Iraq, Yemen and Libya, as well as the economic difficulties faced by many countries, including Gulf countries.
Azour explained that governments in the Arab world are "the first employee". A recent study by the International Monetary Fund has shown that the region has the highest rates of employment in the public sector. "Any development in the use of business management technology creates more opportunities the work".
The regional director of the IMF predicted that SMEs would have the largest role in job creation in the next five years.
Youth unemployment rates vary among Arab countries, with 29.7% of the Arab countries importing oil and 17.5% of the GCC countries, according to the latest World Bank data.
The six Gulf states (Saudi Arabia, UAE, Bahrain, Oman, Kuwait and Qatar) have resorted to external borrowing after global oil prices fall in 2014. A Moody's credit rating report earlier this December, That the size of Saudi borrowing next year to $ 75.8 billion.
The United Arab Emirates is second in terms of borrowing by $ 31.1 billion over the next year, followed by Oman with $ 15.2 billion, Bahrain with $ 13.8 billion, Qatar with $ 7.6 billion and Kuwait with $ 4.2 billion. Bringing the combined total of the next year's combined GCC borrowing to $ 147.7 billion.
Arabs need 16 million jobs in 5 years
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