Riyadh: The Covid-19 pandemic has led to a loss of job in the Arab world, with more than 6 million jobs to be loss reported by the Arab Monetary Fund (AMF)
Arab Unemployment rate is anticipated to rise at least four percentage in 2020 added by AMF.
To support the Arab countries in decision- making AMF released a study on “Estimate job losses due to COVID-19 and the minimum economic growth for job creation in Arab job markets.”
According to the AMF, Arab countries are expected 6 million jobs to be lost.
As forecasted by international institutions and confirmed by national sources as well, the Arab region would lose in 2020 around 6 to 7 million jobs, representing the average an unemployment increase by 4 to 5 percentage points from its pre-crisis level of 2019. For the individual countries, the effects differ across countries depending, on each country, on the Okun’s coefficient, the labour force, and the forecasted GDP growth in 2020.
According to this new study, the minimum economic growth required to create enough new jobs to reduce the unemployment rate estimated at 4.0 per cent in the case of the Arab region.
To get back to the Pre-Pandemic Level, it takes some years to recover as it is a global issue just limited to the Arab world.