Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

'World must take responsibilities of refugees' - IMF's Dr Tamirisa says some 90 mln suffering due to conflicts  Join our daily free Newsletter

MENAFN - Arab Times - 15/12/2016
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times)

DUBAI, Dec 14: During the first session of the Arab Strategy Forum, held in Dubai, Dr Natalia Tamirisa of the International Monetary Fund says the regional economic landscape in 2017 is likely to vary widely across Arab countries. She noted that 'there would be discussions around regional economic predictions, conflicts and oil prices, all of which constitute drivers for these countries.' Dr Tamirisa grouped the Arab countries into three categories: countries experiencing conflict, such as Syria, Iraq, Yemen and Libya; oil-exporting countries, such as the Gulf Cooperation Council countries and Algeria; and oil-importing countries, such as Egypt, Tunisia, Lebanon, and Morocco. Dr Tamirisa explained the grave difficulties faced by these countries because of conflict zones. Around 90 million people are suffering from deteriorating economies, while neighbouring countries are forced to bear the additional economic and social burdens of refugee migration.

She pointed out that this burden should be shouldered by the global community, and not solely by these neighbouring countries. Priority must be given to saving human lives and providing economic necessities, a responsibility for the whole world, she noted, and not just this region. The IMF stated that the agreement between OPEC members and non-member oil-producing countries has resulted in a rise in oil prices, although these are not expected to return to the 100 per barrel prices, but rather will fl uctuate between 50-60 per barrel.

Prices
Oil-producing countries — GCC countries and Algeria — will see a drop in oil prices and may have to face the possibility of economic stagnation in the medium term. This will require budget adjustments and more concerted efforts toward economic diversification.

Dr Tamirisa also indicated that measures which oil-producing countries have been implementing, such as costcutting and budget-ratinalisation could have negative implications. Governments should consider developing sectors such as tourism, industry and transport, among others. Many have made significant progress by decreasing subsidies for electricity and fuel and launching projects aimed at economic diversification, a feat not easily attained, and one which requires spending reform.

Advantage
Oil-importing countries like Egypt, Lebanon, Tunisia and Morocco should take advantage of low oil prices to implement integral economic reforms, noted Dr Tamirisa.

Egypt and Tunisia have already seen promising progress, but Tunisia and Lebanon still need to lower their public debt, implement additional economic reform and empower the private sector. She further recommended that Tunisia and Lebanon create more job opportunities for youth to avert a potential rise in unemployment, if economic diversification is not implemented. Studies already indicate that one in 4 young people in these two countries will be out of work, if the economic situation persists.

Dr Tamirisa called for Egypt and Morocco to continue supporting the economic reform underway, and expects economic growth in the coming year to be low, with little tangible improvement to living conditions and job opportunities. This is why, she noted, the private sector needs to be empowered to contribute, and diversification measures should be put in place to address unemployment.

Dr Tamirisa concluded by saying that 'GDP growth in oil-exporting countries will be slower than that in developing countries, and they will face many challenges in the coming year, but these countries must provide the light at the end of the darkened tunnel. We need 2017 to be a year of economic reform and planning in order to further development and create new opportunities for young Arab men and women'.

MENAFN1512201600960000ID1095118371

 


Arab Times




  MENA News Headlines
 Jan 24 2017 - Ukraine to have huge participation in theAnnual Investment Meeting (AIM) in DubaiMENAFN Press
(MENAFN Press) Set to be held on April 2-4, 2017 at the Dubai World Trade Centre, the Annual Investment Meeting (AIM) expects a huge participation of Ukraine that is one of the Official Supporting ...

 Jan 24 2017 - Ahlibank posts profit of QR631.7mn in 2016Gulf Times
(MENAFN - Gulf Times) Ahlibank posted a net profit of QR631.7mn in 2016 even as the bank saw its balance sheet grow by 18.2% to QR38bn last year. Last year's net profit is only marginally lower than ...

 Jan 24 2017 - Etihad Airways chief Hogan to step downGulf Times
(MENAFN - Gulf Times) Abu Dhabi-based Etihad Airways said on Tuesday its chief executive officer James Hogan will step down in the second half of 2017 after leading the fast-growing Gulf carrier for ...

 Jan 24 2017 - Valuations conference hosted by Deloitte and Amwal Corp. attracts over 45 companiesMENAFN Press
(MENAFN Press) Deloitte in collaboration with Amwal Advisory Corp. hosted a 3-day conference in Dubai discussing investment portfolio management and valuations with one of the world’s leading ...

 Jan 24 2017 - The broad and diversified French offer at MEDLAB 2017 - 11 French companies at MEDLAB - A robust upstream attendance at ARAB HEALTH - 130 companiesMENAFN Press
(MENAFN Press) United Arab Emirates, January 24th, 2017 - 11 French companies will be exhibiting in an area of 144m² at the world's largest laboratory trade fair in Dubai on 6-9 February 2017. ...

 Jan 24 2017 - Chinese warships tour Gulf Arab states for first time in 7 yearsMENAFN
(MENAFN) Chinese warships have embarked on a tour of Gulf Arab states for the first time in six years as Beijing has signalled a desire to play a bigger role on the global stage.In detail, three ...

 Jan 24 2017 - Opel Astra snatches leadership from Renault LoganDaily News Egypt
(MENAFN - Daily News Egypt) Opel Astra managed to stay on the top of the list of sold European cars in Egypt during the first 11 months of 2016, as sold European cars together achieved sales of EGP ...

 Jan 24 2017 - UK backs Bahrain parliament as it halts reforms and support executionsMENAFN
(MENAFN) The British government is using a multi-million pound aid programme to fund Bahrain's parliament while the Gulf country bans opposition parties, reverses human rights reforms and carries out ...

 Jan 24 2017 - Iraq orders investigation into abuses reported in Mosul battleMENAFN
(MENAFN) Iraqi Prime Minister Haider al-Abadi on Monday ordered an investigation into allegations that members of Iraq's security forces and a Shia paramilitary group had kidnapped and abused ...

 Jan 24 2017 - Bahrain court hears Twitter 'evidence' against activistMENAFN
(MENAFN) The prosecution in a Bahraini court on Monday presented what it said was evidence against prominent rights activist Nabeel Rajab, accused of spreading "false information" about the kingdom, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help