IMF warns Arab transition nations on jobs crisis
Friday, May 9 2014 10:01AM IST
Rabat (Morocco) International Monetary Fund (IMF) chief Christine Lagarde warned Arab transition countries Thursday that they are facing a jarring jobs crisis, and it must be addressed.
Speaking in Rabat, the director general of the IMF said youth unemployment in those countries rate averages 13 percent are among the highest in the world, as per reported.
Since 2010, the number of people out of work has jumped by 1.5 million, said Lagarde addressing the Moroccan Economic, Social and Environmental Council, adding that the region faces one of the world's biggest youth population.
Lagarde also urged the Arab transition countries to strengthen the economic middle class. In many countries such as Egypt, Jordan and Morocco, the middle class share of societal wealth is lower today than in the 1960s.
The dividends of growth have too often gone to the top, leaving too many others out in the cold, and global experience indicated that we need a strong middle class to drive an economy forward. A strong middle class sustains consumption and invests in the future, Lagarde added.
Lagarde started Thursday a two-day visit to Morocco, during which she will hold talks with senior Moroccan officials, including head of Moroccan government Abdelilah Benkirane, Minister of Economy and Finance Mohamed Boussaid, and governor of central bank Abdellatif Jouahri.