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FINANCIAL NEWS
AMF: Arab countries needs 40m new jobs by 2020
20 Jul 2010
(MENAFN) A report issued by the Arab Monetary Fund (AMF) estimated that Arab countries need to create nearly 40 million jobs by 2020 to tackle unemployment that has remained the highest in the world despite a steady expansion in the private sector, Gulf News reported.
Given their massive oil wealth Gulf Co-operation Council (GCC) states have maintained the lowest jobless rate in the region but unemployment has largely deteriorated in such low income nations as Mauritania, Djibouti, Somalia, Sudan, Yemen and Palestine, according to the Abu Dhabi-based organization.
The improvement over the past years has been mainly a result of greater participation by the private sector but the region now faces a serious challenge in matching the rapid growth in the population and labor force and how to ensure jobs for those who are about to join the labor market, the report said.
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