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Kuwait urged to reassess labor market |
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Thursday, 24 December 2009 23:43 |
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The oil-rich state Kuwait is suffering from a critical shortage of skilled labor, according to a leading economist.
Dr Sulaiman Al-Qudsi, chief economist at Arab Bank, urged the government to seriously assess its labor market prospects as the country's small indigenous population cannot support economic and industry growth, the Arab Times reported.
Speaking at a lecture organized by the Kuwait Economic Society, the financial expert explained that nationals currently represent only 22 per cent of the country's workforce, despite making up 44 per cent of the total population.
According to the newspaper, Dr Al-Qudsi claimed that Kuwait needs a common framework for monitoring labor market conditions alongside other member states of the Gulf Cooperation Council.
He said: "Studying the composition of the labor market to develop a good understanding of the basic elements and the essential role it plays in determining the level of labor supply in the Arab world is an added value to the regional economy."
Kuwait's economy is dominated by oil production, which accounts for more than half of gross domestic product annually. 
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