WB calls on Lebanon to have an integrated strategy to boost the economy and create jobs

A delegation of the World Bank (WB) headed by Nigel Twose, senior director of the World Bank’s Jobs Cross-Cutting Group,held discussion seminar organized by WB last Friday on employment and unemployment and that is after meeting with the Central Bank and with the Ministry of Finance to discuss a strategy to boost the economy in order to create employment.  The Delegation noted during the seminar that such strategy is yet unclear and discussions are still at the level of brainstorming.  Twose noted for his part that the Lebanese economy suffers for a toxic mix of structural problems, poor growth, and lack of interest in creating jobs.  He added that the rich and power holders are doing well and the remaining majority is not.  On the outlines of such strategy, Twose noted that it is not acceptable to use the excuse of political stalemate and the strategy adopted by the Central Bank in terms of providing incentive packages and training is still way below meeting challenges.  He insisted on the importance to provide conditions for real growth of job opportunities.  He added that growth will come from emerging enterprises (start ups) however, challenges facing such enterprises are poor competitiveness, poor infrastructure namely electricity and transportation, high financing costs and the limited prospects, except for services and  IT which are benefiting from subsidized loans offered by the Central Bank).

 

(Source: Al-Akhbar 19 January,2015)