Gulf oil producers have one of the lowest joblessness rates in the world but unemployment among nationals, mainly the youth, remain a problem because of their heavy reliance on expatriates, according to Saudi bank study.
Unemployment among native citizens in the six-nation Gulf Cooperation Council (GCC), the richest in the Arab world, has remained far higher than the rate among the expatriates, who come to the region for work and leave once they lose their job, Saudi Arabia’s largest bank, National Commercial Bank (NCB) said in the study sent to Emirates 24/7.
“Even though the headline rates of unemployment in the GCC countries may not be exceptional by global standards, unemployment is a persistent problem in parts of the region, especially among nationals,” it said.
“Of course resident expatriates usually come to the region on work visas and their unemployment tends to be largely transitional.”
The study said the joblessness problem among the young generations is “more acute” than the rate among other groups.
“Quite beyond the headline unemployment rates, the problem of joblessness is particularly acute among certain sub-segments of the population. In particular, it tends to disproportionately afflict the region’s rapidly growing young population.”
Citing Saudi Arabia, NCB said unemployment among the 15-19 age group according to the latest government data (2012) is 27.3%….
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