GCC unemployment to rise to 10.5% this year

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A report issued by TalentRepublic.net said that unemployment rate in the Gulf state reached 8.8 percent last year and is set to rise to 10.5 percent in 2010, TradeArabia reported.

The report said that governments’ support is crucial to spur entrepreneurship in the region and provide small-scale investment opportunities for unemployed citizens and fresh graduates. The report also called for setting up more comprehensive microfinance initiatives to support small-scale projects or other business ventures. It said that such initiatives can come in the form of loans, which benefit from subsidies generated by interest rate administered by the government. The loans can be awarded to people willing to start new businesses that are relatively untapped. The recruiting firm said the report that several companies have now emerged to help other businesses operate more efficiently, including a wide range of outsourcing firms.

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