Unemployment could cost the Arab world $116 billion
Arab unemployment could grow by one percent every year for the next decade, costing the Arab World close to $116 billion, stated the Arab Labor Organization (ALO) in a recently published report.
With the workforce in Arab countries growing more rapidly than their economies, unemployment is forecasted to worsen in the future. Some 14-20 percent of the population within the 22-nation Arab league is unemployed, accounting for 14-20 million persons. The rate is expected to reach 123 million by 2010.
In a region where most of the population is young, unemployment has hit first-time job seekers particularly. There is a three percent average annual population growth rate in the Middle East, resulting in 40 percent of the population being under the age of 15. — (menareport.com)
© 2002 Mena Report (www.menareport.com)