Social unrest hindered economic growth in Arab countries: IMF report

Social tensions and constant upheavals have hindered ecomic growth and gave way to unemployment in Arab countries, said International Monetary Fund (IMF) on Monday. IMF said that since 2010 several incidents of violent protests were reported in regions of Arab countries which eventually turned into destructive civil wars in Syria, Yemen and Libya. wars h major consequences and impact on people and contributed to unemployment and slow ecomic growth. se situations are only getting worse with time. 

Unrest in Arab countries led to slow ecomic growth

In a report published by regional ecomic outlook, IMF said that unrest is, in turn, contributing to slower growth in Middle East and rth Africa (MENA) region, alongside global tre tensions, oil price volatility, and a disorderly Brexit process. IMF reported that Arab Nations including Iran witnessed 0.1% growth in 2019 as compared to 1.1% last year. report gave its forecast for Arab Nations like Saudi Arabia, Iran and United Arab Emirates which are ranked with highest GDP in region. IMF reported that forecast is dependent on several global factors and might suffer a downside.

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Rate of unemployment exceeds 25-30%

Jih Azour, IMF’s director for Middle East and Central Asia said, “ level of growth that countries in region are having is below what is needed to dress unemployment." In an interview with a news ncy, Azour also said, “We are in a region where rate of unemployment at youth level exceeds 25-30% and this requires growth to be higher by 1-2% in order to make a dent in joblessness."

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Demands of change in political system led to ecomic stagnation 

As per statistics mentioned in report, “Unemployment avers 11% throughout region versus 7% across or emerging market and developing ecomies”, furr mentioning “Women and young people are particularly likely to be out of work, with more than 18% of women... without jobs in 2018.”

In a new series of protests in countries like Sudan, Iraq, Leban, and Algeria, people have asked for ecomic reforms and strict action against incidents of corruption. Due to constant protests demanding change in political systems, countries like Leban have witnessed ecomic stagnation over past few years. Azour said, “ government has to act firmly and swiftly in order to dress those imbalances, bring confidence back by dressing fiscal situation, and lower expenditure."

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Reportedly, IMF also said that public debt levels were very high in many Arab countries — exceeding 85% of gross domestic product (GDP) on aver, with rates of more than 150% in Leban and Sudan. "re is an increase in public debt levels in Arab countries affecting ecomies. Having built over many years, cost of public debt burdens has become sizeable, preventing investments critical to region’s long-term ecomic future,” it said

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