Saturday, 1 Apr 2023
84% MENA youths feel private sector will continue to grow

84% MENA youths really feel private sector will continue to develop

More than half (56 per cent) hold a good opinion on the sector general – a higher ‘approval’ price for the private sector provided the dominant function of the public sector in several nations. The survey evaluated demands of the future labour marketplace and perspectives of the young generation shaping the private sector’s prospective contribution to general financial development.

While 40 per cent of the youth population think future development in the private sector will be driven by multinationals, 25 per cent are inclined to think that this will be driven by SMEs.

As several as 35 per cent of the youth think that privatising education will be advantageous to the economy, followed by expert solutions (30 per cent), human wellness (29 per cent) and agribusiness (28 per cent). One implication identified in the survey was that in spite of the manufacturing sector becoming fairly tiny, it is exactly where private firms are most advantageous due to the prospective creation of higher-skilled jobs and low dependency on imports.

When asked about the digital economy, 88 per cent of the respondents mentioned it would be a main driving force of the private sector nevertheless, 45 per cent also felt that digital expertise are insufficiently reflected in the present curriculum.

“While the private sector has grown significantly over the last years, historically the public sector has remained dominant across the MENA region. Diversification is the key economic growth driver and the private sector has a key role to play in supporting governments’ efforts. Perhaps more important than its fiscal effects is that privatisation has the potential to offer a number of economic and social benefits,” mentioned Greg Rung, companion and head of social influence at Oliver Wyman (MEA).

Rung added, “With industries across all sectors of the economy evolving through institutional reforms and an increased focus on digital economies by regional governments, the survey shows that youth are increasingly aware of the value of the private sector. They have clearly outlined the areas that need to be focused on as they enter the workforce in the current economic climate.”

The survey was taken by 949 respondents in between the ages of 16 and 35 years and covered 4 particular places such as demographics of respondents, private sector development drivers and industries, challenges and successes of entrepreneurs and workers and implications of digital economy on education method.

The study revealed 3 broad strategic initiatives necessary by governments to sustain financial development, produce jobs in the private sector, and to reap the advantages of future digital economy. These consist of enhancing institutional capabilities and regulations, adapting the educational method to have a stronger concentrate on expertise, and attracting domestic and foreign investments in crucial sectors.

Information Source: Muscat Daily

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