Promoting Inclusive Growth in the MENA Region: A Focus on Private Sector-Led Progress

2024-01-16 23:28:43

The Middle East and North Africa (MENA) region is called upon to progress more quickly towards more inclusive growth driven in particular by the private sector, it is indicated at the end of a seminar organized in the framework for monitoring the “Call for Action” launched during the Annual Meetings of the International Monetary Fund (IMF) and the World Bank held last October in Marrakech.

“The region must continue to move faster towards stronger, more inclusive and private sector-led growth, and generate more opportunities for all, including young people, women, vulnerable groups and new entrepreneurs” , underlines the declaration published at the end of this meeting which took place in Cairo.

In its press release published in Washington, the international financial institution specifies that the event focused on inclusive growth, as part of the follow-up to the Marrakech call for action on political priorities aimed at strengthening resilience and support economic transformation in the MENA region.

Emphasis was placed on the importance of promoting inclusive and sustainable growth and building a new social contract to bridge the gap between the growth models of the past and the growth drivers of the future, the statement said.

For the IMF, the “Call for Action” as presented in Marrakech is structured around five pillars: promoting a more dynamic private sector, reforming social protection systems, offering opportunities to young people, eliminating obstacles to the participation of women in economic life and taking advantage of technology and green investments as engines of growth and job creation.

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