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FINANCIAL NEWS
GCC ‘s jobless rate on the rise
20 Sep 2012
(MENAFN) Gulf Investment Corporation’s (GIC) recent study showed that jobless rate amongst citizens of the Gulf Cooperation Council’s (GCC) countries is gradually rising, reported Arab News.
The study revealed that unemployment rate in the UAE reached 14 percent, whereas in Saudi it surpassed 10.5 percent, was at 8 percent in each of Oman and Bahrain, 6 percent in Kuwait and 3 percent in Qatar.
According to the International Monetary Fund (IMF), in Saudi, jobless rate amongst those between 19-25 years reached 30 percent, while it stood at 28 percent in Bahrain, 23 percent in Oman, 24 percent in the UAE, and in Oman and Qatar it reached 23 percent and 12 percent, respectively.
It is worth noting that unless obstacles facing the job market are addressed, including economic, educational and demographic elements, the number of unemployed citizens in the GCC will reach between 2-3 million.
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