The IMF's Center for Economics and Finance in the Middle East and the Arab
Fund for Economic and Social Development discussed economic policies aimed at achieving comprehensive development in the Arab world.
A statement by the Arab Fund, read by the Economist News, said Wednesday that the economic adviser to the Emiri Diwan in Kuwait, Dr. Youssef Ibrahim, stressed the importance of discussing economic reforms and financial sector reforms that are essential for achieving sustainable and sustainable growth.
He added that ways to reduce unemployment in Arab countries should be strengthened in the light of the challenges posed by large-scale conflicts, the crises of asylum and migration, and the fall in oil prices and volatility.
Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund, said that the time has come to accelerate the reform process in order to achieve higher, more comprehensive and comprehensive growth in the Arab world.
"The region faces an urgent need to create jobs for 27 million young men and women who are ready to join the labor force within the next five years," said Azour.
Dr. Azour stressed that the region should seize the opportunity of the global economic recovery, which is expected to grow to 3.9% in 2018 and 2019, achieving the fastest pace of growth since 2011.
Azour said growth rates in most of the last decade Was not enough to create jobs for many people, as well as their inability to improve their living standards, as the region continued to bear the brunt of protracted conflicts and the shock of falling oil prices in 2014, leading to growing frustration over unemployment, Equality, especially among youth and women Rural communities and refugees.
Given that more than 55% of companies operating in the Middle East and North Africa region indicated that corruption was one of the most important obstacles to their activity, the region should strengthen its governance, accountability and transparency frameworks.
The reform of the business climate and equal treatment was of great importance in encouraging private sector investment, particularly in attracting foreign direct investment.
"This will lead to facilitating the transfer of technology and knowledge to the region and enhance its integration with the global economy, especially as the ratio of loans granted to SMEs is only 2% of GDP in the region, Financial integration, including through increased reliance on financial technology.
He stressed that there was a need to reform education so that it would be able to equip people with the knowledge and skills required by the private sector for competition in the current global economy.
Dr. Azour noted that there is an unmatched space that allows fiscal policy to provide support for growth and enhance opportunities for all. With average tax revenues in the Middle East and North Africa not exceeding 9% of GDP, it is clear that The region can make further efforts to mobilize additional revenues by further shifting to an upward tax system and eliminating tax exemptions.
This would result in significant budget savings by phasing out the general fuel and energy subsidies in the region, which cost around $ 74 billion a year, or 25% of total global support spending.