The Centre for Economic Growth launched
Entity to conduct research on key regional issues
March 26, 2014 10:53 by kippreport
The Centre for Economic Growth (CEG), in collaboration with INSEAD, was launched this week in Abu Dhabi.
The CEG has been established as a partnership between the region’s private sector and a global business school to provide original research and publications on key economic issues, including enhancing economic growth and job creation.
His Excellency Sultan bin Saeed Al-Mansouri, minister of economy of the UAE, says the country’s top priority is to build national capacity. “The UAE leadership historically views human development as key. It is a crucial precursor to economic growth and development.”
He adds: “Taking the UAE as an example, small- and medium-sized businesses (SMBs) represent 92 per cent of the trade sector and contribute 60 per cent to our country’s GDP. SMBs are also responsible for 86 per cent of private sector employment.”
The CEG, which is located in INSEAD’s Abu Dhabi campus, will address the need for timely and independent data, economic research and provide a new platform for private sector engagement on priority economic issues, including youth unemployment, job creation and enhancing sustainable economic growth.
The International Monetary Fund (IMF) has estimated that Mena countries need to achieve an economic growth of seven per cent per year to keep unemployment from rising further. However, average forecast growth for the region in 2014 is only 3.2 per cent and, for some countries, even lower than that. In addition, the major challenge of creating 50 million new jobs for young people across the region in the next decade,as well as 100 million over the next two decades, is well known.