Posted on February 8, 2012 by iMFdirect
By Christine Lagarde
(Version in عربي)
I have just returned from Saudi Arabia, where I was welcomed with exceptional warmth and hospitality. It was my first visit as the Managing Director of the IMF.
It was a pleasure to be in Saudi Arabia, a country with rich heritage and culture. And a country that is seeking to chart a path that balances the drive for greater economic development and closer integration into the global economy with the strong desire to preserve the traditions and values of its people.
I had the privilege of meeting H.M. King Abdullah, senior government officials, and representatives of the private sector. Our discussions were productive and constructive, and we traded views on current global, regional, and domestic developments. (more…)
Filed under: Economic Crisis, Economic outlook, Employment, Europe, Global Governance, growth, IMF, Inequality, International Monetary Fund, Middle East, Multilateral Cooperation, recession | Tagged: Christine Lagarde, employment, GCC, IMF, iMFdirect, International Monetary Fund, kingdom, Libya, oil, Saudia Arabia, Tunisia, women | 2 Comments »
Posted on January 19, 2012 by iMFdirect
By Masood Ahmed
(Version in عربي)
The issue of how to create more jobs is high on the minds of policymakers everywhere. The economies of the six Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—are no exception.
By many measures, these economies are doing very well. Abundant oil and gas reserves are producing large budget and external surpluses, growth is up, and considerable strides have been made on social indicators.
Yet, economic activity is dominated by the oil/gas sector and—given that many GCC countries have proven reserves of at least another 50–100 years at current rates of production—will remain so. However, that sector creates relatively few jobs directly—it employs less than 3 percent of the region’s labor force.
Filed under: Employment, growth, International Monetary Fund, Middle East, عربي | Tagged: Bahrain, economic diversification, employment, GCC, Gulf Cooperation Council, IMF, iMFdirect, International Monetary Fund, jobs, Kuwait, Oman, Qatar, Saudi Arabia, unemployment, United Arab Emirates | 3 Comments »