Gulf governments must do more to encourage their citizens to work in the private sector. That’s the word from Masood Ahmed, regional head of the International Monetary Fund (IMF). He told ARN News that governments can no longer afford to be the default employer for young GCC nationals entering the workforce.
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Earlier this week, the IMF cut its growth forecast for Saudi Arabia to 1.2%, blaming sharp cut-backs in government spending, as oil hovers below $30 a barrel. Ahmed said the UAE is better placed to weather the oil price downturn, thanks to its more diversified economy. He predicts the UAE’s non-oil economy to grow between 2.5 and 3% this year.
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