Iraq sets significant employment target
Baghdad (IraqiNews.com) – The Iraqi government has set significant objectives to reduce double-digit unemployment, despite continuing challenges.
In a recent statement to the Iraqi News Agency (INA), the Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, said that the government plans to gradually lower the unemployment rate from double-digit to a single-digit rate of four percent.
Saleh argued that the country's industrial sector could accommodate 60 percent of unemployment.
The Iraqi official revealed steps aimed at improving Iraq's financial system, adding that the country's development strategy for the years 2024-2028 suggests five percent growth in the non-oil sector as part of its economic diversification initiatives.
There is also a plan to form a sovereign credit guarantee committee to boost the industrial sector with loans from Western and Japanese banks. According to Saleh, the state of Iraq would guarantee these loans, and it would cover 85 percent of the costs.
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, revealed in late October that measures taken by the Iraqi government contributed to reducing the unemployment rate in the country from 16.5 percent to 14.4 percent.
Iraq's unemployment rate, which climbed to 15.6 percent in 2023, is a serious source of worry. The figure represents a considerable increase over the long-term average of around 10.01 percent since 1991.
A high number of young people are dissatisfied with government efforts to generate job opportunities, which may result in a loss of knowledge and more emigration.
This situation is exacerbated by a scarcity of opportunities in the private sector, since many fresh graduates see little opportunity in Iraq and consider job opportunities elsewhere.
To better prepare people for open jobs, proposals include enhancing training programs and establishing specialist divisions dedicated to job placement.
Although unemployment in Iraq is a severe problem, particularly for young people, there is ongoing discussion about the necessary adjustments and initiatives that might assist in alleviating this pressing issue.
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