The Middle East is enjoying an important period of stability as oil prices, economic growth of 5.1% fuel the recovery out of COVID, said Crescent CEO

The Middle East is enjoying an important period of stability as oil prices, economic growth of 5.1% fuel the recovery out of COVID, said Crescent CEO

- “With 100 million young people looking to fulfill their full potential, private sector job creation will be critical to creating job opportunities and enabling a productive economy.

Sharjah, United Arab Emirates: The Middle East is enjoying an important period of political and economic stability with the regional economy buoyed by high oil process and economic growth, Majid Jafar, CEO of Crescent Petroleum, told business leaders gathered at the World Economic Forum in Davos on Thursday. Industrial production has improved, employment has begun rising, and tourism is recovering healthily from the effects of the pandemic, fueling healthy growth of up to 5.1% Jafar said.

However, risks from the global economic situation, like high inflation and interest rates, must be managed, especially in more vulnerable economies of the region before their impact becomes severe. As oil-exporting economies boost the region's growth potential, oil-importing countries in the rest of the region may face progressively tougher conditions in 2023 that will adversely impact young people seeking opportunities and work, Jafar said.

"Governments must pursue structural reforms that encourage more inclusive and resilient growth and support the private sector," Jafar said. "With 100 million young people looking to achieve their full potential, private sector job creation will