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Gulf Arabs states / One-Million Jobs Gap IMF says

One million nationals of oil-rich Gulf Arabs states may be jobless or seeking careers in a bloated public sector by 2018 unless measures are taken to create more private sector jobs, the International Monetary Fund said.

Private companies in the six-member Gulf Cooperation Council are expected to generate 600,000 jobs, one million less than the number of nationals likely to come into the labor market, Masood Ahmed, head of the Middle East and Central Asia department at the IMF, told a news conference in Dubai today.

“Most countries know now that the model of simply employing nationals in the GCC in the public sector is not a model that’s sustainable, because the public sector is running out of jobs to provide, because it’s not improving productivity,” he said. “It’s just a measure of the challenge going forward.”

His remarks comes amid a crackdown on undocumented foreign workers in Saudi Arabia as the biggest Arab economy seeks to enforce laws that require companies to provide more jobs to nationals. Clashes between Saudi police and foreign nationals during the weekend in Riyadh killed two people, including a Saudi citizen.

The jobless rate for Saudi workers is about 12 percent, according to official figures. Non-oil economic growth is forecast to stay little changed this year at 4.8 percent, IMF estimates show.

Chosen excerpts by Job Market Monitor. Read the whole story at 

Bloomberg

via IMF Says One-Million Jobs Gap in GCC Risks More Unemployment – Bloomberg.

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