FINANCIAL NEWS

Unemployment rate in ME to grow to 10.3% in 2012

05 Feb 2012

(MENAFN) The International Labor Organization (ILO) said that unemployment rate in the Middle East would be expected to rise to 10.3 percent in the current year, from 10.2 percent in 2011, reported Arab News.

The organization added that more effective labor market reform is needed to reverse the growing jobless rate, as current job creation mechanisms are not enough to combat unemployment.

It also said that unemployment rate within the youth demographic of 26.2 percent in the region is high compared with 6.6 percent for adults; moreover, the participation of women in the labor force is very low at 18.4 percent.

It is worth noting that in 2010, there were 5 million employed nationals in the GCC and 4 million were expected to enter the workforce in the coming 5 years, according to the International Monetary Fund (IMF), which added that in the last ten years, nearly 7 million jobs were created in the GCC with less than 2 million of these going to nationals.

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