IFC: Unemployment costs Middle East and North Africa over $40 billion a year
The unemployment costs the Middle East and North Africa more than $40 billion a year, said an International Finance Corporation official on Thursday, citing IFC studies.
Speaking at an online roundtable, Sanaa Abouzaid, country manager for Central America at IFC, a member of the World Bank Group, said unemployment is the significant challenge that the Middle East and North Africa is facing.
Unemployment rates in the region are expected to soar due to the coronavirus crisis, especially among young people, Abouzaid added.
The IFC official said that the only way to counter the crisis is to enhance the private sector and SMEs, which are a key contributor to GDP as they help in creating new jobs.