MENA Economic Developments and Prospects 2007: Job Creation in an Era of High Growth

The World Bank MNA department is launching a new report that looks into major economic trends and economic prospects for the region. This is the third of an annual series of reports where the focus is on labor markets and employment, a critical area for the MENA region as a result of an increasing young population. According to the report, the GDP growth reached 6.3% for the region in 2006 – up from an average of 3.6% a year during the 1990s. This growth is driven by a combination of factors including: high oil prices, recovery in Europe and changing policies to promote higher investment and reforms. On the other hand, economic growth in MNA has generated jobs where the environment has been conducive for private sector investment. The report emphasizes the link between sustainability of economic growth and the potential for employment creation. Indicators reveal that employment grew at 4.5% per annum in 2000-05, the strongest rate of job creation among developing regions.”, Pro-Poor Growth, Trade Policy and Regional Integration, Fiscal Policy, Employment and Labour Markets, Business and Investment Climate.