São Paulo – Saudi Arabia needs to generate jobs in the private sector to absorb between 1.5 million and 2 million new workers who will enter the country’s labour market in coming years. According to a press statement disclosed on Thursday (5) by the deputy managing director at the International Monetary Fund (IMF), Min Zhu, who visited the Arab country this week, the Saudi government should expand the volume of work posts for the population to avoid greater unemployment. He also said that it is necessary to improve the abilities of workers so that their inhabitants may compete in the labour market.<\/p>\n
Zhu’s recommendations were not just for Saudi leaders. “The private sector in the Middle East and North Africa has lacked the dynamism to propel growth to the levels seen in other regions of the world. The number of jobs being created is currently not sufficient to absorb the increasing number of new entrants into the labour market, which has resulted in higher unemployment rates than in other regions, overall and particularly for young people, where 1 in 4 are without work,” he said.<\/p>\n
Zhu travelled to Saudi Arabia to meet with local authorities and to participate in the conference. “The Private Sector in the Middle East—How Can It Contribute More to Growth?”, organized in partnership between the Council of Saudi Chambers, the International Financial Corporation (IFC) and the IMF. Zhu pointed out that, despite the challenge to generate jobs, Saudi Arabia should have Gross Domestic Product (GDP) growth of 4.4% in 2014 and of 3.6% this year, with growth of approximately 5% in the non-oil sector.<\/p>\n
*Translated by Mark Ament<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The deputy managing director at the Fund, Min Zhu, visited the country this week and said it is necessary to generate private sector jobs. He said that the challenge is the same for other Arab countries.<\/p>\n","protected":false},"author":2316,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-46628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The deputy managing director at the Fund, Min Zhu, visited the country this week and said it is necessary to generate private sector jobs. He said that the challenge is the same for other Arab countries.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/46628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=46628"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/46628\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=46628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=46628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=46628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}