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Iraq to reduce unemployment by half by 2014

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1 Iraq to reduce unemployment by half by 2014 on Wed Feb 22, 2012 12:05 am

Fast Eddie


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Iraq says its current economic development plan should see unemployment dipping to 7% from the current 16%.

Labor and Social Affairs Minister Nassar al-Rubaai said his ministry was working on what he called “National Unemployment Document” on the Iraqi labor market and its future.

His remarks on unemployment were made as he announced the idea behind the document which he said would explore “correct mechanism” on how to deal with the high rate of joblessness in the country.

Despite skyrocketing revenues from oil sales unemployment is still high in Iraq.

Rubaai said he believed the Iraqi labor market suffered from “structural problems” because the state was still by far the largest and probably the only employer with the ability to reduce the rate of joblessness in the country.

The private sector plays a negligible role and Rubaai said any significant reduction in unemployment would depend on state sector.

“The problem with unemployment in Iraq is that it is structural. This is the worst type of unemployment since it means (the country’s) economic sectors have no ability to create new jobs or job opportunities,” the minister said.


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