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The private sector will be the driver of sustainable development in the Middle East and North Africa, according to Sir Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD).
Speaking at the World Government Summit in Dubai on Tuesday, Chakrabarti noted that the private sector is vital if the region hopes to face the developmental challenges it faces, such as the urgent need to find employment for millions of young people entering the job market for the first time - which he called "the youth bulge."
"The region will need to create six million new jobs each year simply to absorb the new labour market entrants and bring down unemployment," he said. "There is a struggle by the region's economies to create the jobs required to keep the region's young people in meaningful employment."
"They (states) aren't the answer," he added. "The state sector provides security to those who work in it, but rarely the dynamism and innovation that the economy needs."
However, Chakrabarti identified several conditions that he believes pose challenges for the growth of the private sector, such as corruption.
"In some countries, more than 50 percent of companies identified corruption as an impediment to their work," he noted. "They try to avoid government. We need to do a lot, lot more to tackle this obstacle."
"Enhancing political stability and stopping corruption often go hand in hand" @EBRD President speaking now at #WorldGovSummit pic.twitter.com/Yv0wL0JODDAdditionally, Chakrabarti noted that political instability remains a problem in some countries, and that "unreliable supplies of electricity" stifle the private sector in others.
- World Gov Summit (@WorldGovSummit) February 14, 2017
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