Confab on Arab economic transformations opens

‘Aspired progress still far away’

AMMAN, May 11, (KUNA): Since onset of Arab Spring three years ago, profound economic and political transformations have taken place but aspired progress is still far away, said Director General of the Arab Fund for Economic and Social Development Abdullatif Al-Hamad.

“Some of these transformations are positive and others are negative,” he said at the opening of a regional conference themed “Building the Future: Jobs, Growth and Fairness in the Arab World,” held in Amman on Sunday.

The two-day gathering, co-organized by the government of Jordan, Kuwait-based AFESD and the International Monetary Fund (IMF), discusses the economic transformations in the Arab countries.

“Among the positive aspects of transition is the Arab peoples’ realization of urgency to build democratic societies and guarantee political freedoms, social justice and equal opportunities while the negative aspects featured prominently in the political instability and security unrest due to the long absence of democracy,” he explained.

“The transitions began with great ambition but, so far, progress has been limited in generating the strong and inclusive growth needed to reduce unemployment and raise standards of living,” Al-Hamad argued.

The dismantlement of traditional political parties in the Arab Spring countries resulted in imbalances and a state of disregard of the higher national interests, thus giving vent to extremism, and racial and tribal con- flicts, he regretted.

“The social and economic situations in the entire Arab region deteriorated and the economic growth slowed down sharply while the average rate of unemployment rose from 14.6 percent in 2010 to 17 percent at present,” he went on.

Al-Hamad highlighted the need of international support to the Arab countries in transition, warning that lukewarm response to the needs of these countries could result in an even more serious setback in the economic and social reforms.