UAE determined to provide future tools to youth

The GDP growth in the United Arab Emirates is expected to accelerate to 3.1 per cent and 3.5 per cent in 2019 and 2020 respectively, from 2.5 per cent in 2018

Based on data collected from 15 low-income countries, the World Bank reports that less than 10 per cent of the world’s population lived in extreme poverty in 2015. This was the lowest poverty rate recorded in history and the latest numbers available, according to “Poverty AND SHARED Prosperity 2018: PIECING TOGETHER THE Poverty Puzzle,” a report released by the entity last October.

It also stated that the number of people living on less than $1.90 A DAY Fell During this period By 68 million to 736 million. THIS Is An Impressive ACHIEVEMENT, CONSIDERING that In 1990, more than a third of the people on the planet lived in extreme poverty. It also relects A steady But slow progress, ACCORDING to THE World Bank DATA.

The international poverty line is Currently valued At $1.90 In terms of 2011 purchasing power parity (PPP), which equalises its purchasing power across all countries and currencies, noted the report.

MENA FIGURES DOUBLE

However, the numbers for the Middle East and North Africa region do not paint A pretty picture. THE Conlict In Syria and Yemen doubled the headcount poverty ratio to 5 per cent in 2015 from the previous 2.6 per cent in 2013, the report added.

Meanwhile, two regions — East Asia AND PACIIC AND Europe AND Central ASIA, have reduced extreme poverty to 2.3 per cent and 1.5 per cent respectively in 2015 overthrowing the aforementioned positive rankings of the MENA region.

On A positive note, THE World Bank’s further added in its preliminary forecast that overall extreme poverty had DECLINED to 8.6 per Cent In 2018.

NON-OIL SECTOR FOCUS

However, the MENA region will face many challenges in the coming year. The number of poor people will increase and we can expect to see a rise in the number of refugees and DISPLACED people In THE AREA. BESIDES, the global decline in oil prices will INCREASE THE Inlation igures. THIS, In turn, will result in a push to reduce public spending in the region.

Meanwhile, UAE, KSA and other GCC countries will continue to relentlessly pursue THEIR Diversiication plans by giving greater focus to the non-oil sectors. But THE situation Is BLEAK elsewhere, especially, in North Africa.

Over the next couple of years, the Gulf Arab economies are likely to witness accelerated growth as governments boost spending. However, A Q4 2018 Reuter’s poll of economists’ summarised that the growth will not return to the boom levels experienced until 2014 when oil prices ranged between $100 and $125 before they plunged south.

PEOPLE DEVELOPMENT

The GDP growth in the United Arab Emirates is expected to accelerate to 3.1 per cent and 3.5 per cent in 2019 AND 2020 respectively, From 2.5 per Cent In 2018.

MEANWHILE, BAHRAIN’S GDP Growth is expected to marginally slide down to 2.8 per Cent In 2019 AND Further to 2.6 per Cent In 2020 From 2.9 per Cent In 2018. Similarly, Oman’s Growth Is projected to slip marginally to 3 per Cent In 2019 AND SLIDE Further to 2.7 per Cent In 2020 From 3.1 per Cent In 2018, according to a Reuters poll.

To demonstrate its commitment, the UAE government has approved a zeroDEICIT FEDERAL BUDGET of DH180 Billion For THE next THREE years; Around 59 per cent of which will go to education and social development.

This means the government is making a tremendous effort to allocate a generous amount of money to develop its people. It has also announced initiatives such as Area 2071 that Embody THE UAE’S plans to become the primary driving force for the younger generation to learn, develop and design solutions for a better future for the world.

THE UAE Centennial Plan 2071 offers a clear map for the long-term government work to fortify the country’s reputation and its soft power.

AGAIN, In 2017, THE UAE LAUNCHED ‘Energy Strategy 2050’, which is CONSIDERED THE irst uniied Energy strategy in the country that is based on supply and demand. The initiative aims to increase the contribution of clean energy in the total energy mix from 25 per cent to 50 per cent by 2050. A strong foundation indeed for a sustainable future ahead.