{
  "title": "Scaling-up the Inclusive Growth Agenda in the Arab Region",
  "publication": "IMF News, January 30, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/01/29/sp013018-md-morocco-opening-remarks",
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  "summary": "Remarks by Christine Lagarde, Managing Director, International Monetary Fund.",
  "publishDate": "2018-01-30",
  "sections": [
    {
      "heading": "Introduction",
      "content": "- Remarks by Christine Lagarde, Managing Director, International Monetary Fund.\n- Marrakesh, Morocco — January 30, 2018.\n- Opening framing: inclusive growth requires providing opportunity to work, innovate, and grow for all, with special emphasis on youth and women."
    },
    {
      "heading": "Regional context and urgency",
      "content": "- Finding: Since the 2014 Amman conference, job creation and inclusive growth have been central to reform agendas, with progress, but not enough.\n- Key statistics and facts:\n  - More than 27 million young people in the region will join the workforce over the next five years.\n  - Youth unemployment in the region averages 25 percent.\n  - More than 60 percent of citizens perceive that connections – or wasta – determine whether or not you find a job.[2]\n  - IMF global projections (released last week from the speech):\n    - Global growth reached 3.7 percent in 2017.\n    - Global growth is expected to accelerate to 3.9 percent this year and 3.9 next year as well.\n    - Some 120 countries representing three-quarters of global GDP are participating in this cyclical upswing.\n  - Regional growth expectations:\n    - Growth is expected to pick up, but at 3½ percent in 2018 and 2019 it is well below the average 5.6 percent achieved during 2000-2008.\n  - Drivers of weaker regional performance: conflicts and lower commodity prices."
    },
    {
      "heading": "Adjustments, transitions, and examples of progress",
      "content": "- General assessment: Many promising steps have been taken (financial and economic access, private sector development), but implementation needs to be accelerated, broadened, and scaled-up.\n- Examples of progress:\n  - Fintech and technology:\n    - Fintech startups in the region have increased seven-fold since 2009, mostly in Egypt, Jordan, Lebanon, and the United Arab Emirates.\n    - Jordan’s eFawateerCom processes more than one million transactions a year and connects people with more than 70 online billers.\n    - Small entrepreneurs use technology to match job seekers with business needs (example: youth innovation contest winner Saeed Alfagieh in Yemen).\n  - Business climate and SME environment:\n    - Morocco: improvement in the business climate and creation of Free Trade Zones in Casablanca and Tangiers have generated some 85,000 jobs in the automotive industry.\n    - Close to 45 percent of car parts for the auto sector in Morocco are sourced from local suppliers.\n  - Constraints remaining:\n    - SMEs face limited access to finance and weak legal frameworks that inhibit scaling up."
    },
    {
      "heading": "Policy agenda — three priorities to operationalize inclusive growth",
      "content": "- Priority 1: Create a vibrant private sector for higher growth and more jobs\n  - Move away from the model where the state is employer of first resort.\n  - Actions: level the playing field, combat corruption, increase competition, leverage global trade and new technologies.\n  - Expectations of firms: invest within the region, pay their fair share of taxes, and collaborate with the public sector on infrastructure.\n- Priority 2: Support excluded groups (youth, women, rural populations, refugees)\n  - Policies: better education, active labor market policies to help youth and women find employment.\n  - Financial inclusion highlighted as a powerful tool, especially for women; including women economically and financially described as a potential global game-changer.\n- Priority 3: Use fiscal policy to invest in people and infrastructure\n  - Current social spending and needs:\n    - Social spending – on social safety nets, health and education services – is less than 11 percent of GDP.\n    - This compares to 19 percent in emerging Europe.\n  - Challenge: increase spending on social services and infrastructure when budgets are tight.\n  - Key policy direction: build broader and more equitable tax bases so that all pay their fair share while protecting the poor.\n  - Fiscal gains from moving away from the state-as-employer model can create space for high-return social and infrastructure outlays."
    },
    {
      "heading": "Implementation, ownership, and collective responsibility",
      "content": "- Conference role: forum for public officials, private sector, and civil society from more than 20 countries to share experiences and operationalize inclusive growth agendas.\n- Importance of dialogue: engaging those affected by reforms fosters trust and ownership, increasing the sustainability and impact of reforms.\n- Observation from conference: positive energy, quality of discussions, and actionable ideas (i-labs cited as source of findings)."
    },
    {
      "heading": "Conclusion",
      "content": "- Central message: Today’s youth are the Arab region’s greatest potential and their aspirations must be heeded.\n- Closing quote referenced: “Your children are not your children. They are the sons and daughters of Life's longing for itself.” — Khalil Gibran.\n- Closing word: Shukran!\n\nRemarks by Christine Lagarde, Managing Director, International Monetary Fund; Marrakesh, Morocco; January 30, 2018.\n\n---\n\n\n References\n\n- Christine Lagarde\n- Morocco and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/01/29/sp013018-md-morocco-opening-remarks"
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    "Published: January 30, 2018",
    "Remarks by Christine Lagarde, Managing Director, International Monetary Fund.",
    "Marrakesh, Morocco — January 30, 2018.",
    "Opening framing: inclusive growth requires providing opportunity to work, innovate, and grow for all, with special emphasis on youth and women.",
    "Finding: Since the 2014 Amman conference, job creation and inclusive growth have been central to reform agendas, with progress, but not enough.",
    "Key statistics and facts:",
    "General assessment: Many promising steps have been taken (financial and economic access, private sector development), but implementation needs to be accelerated, broadened, and scaled-up.",
    "Examples of progress:",
    "Priority 1: Create a vibrant private sector for higher growth and more jobs",
    "Priority 2: Support excluded groups (youth, women, rural populations, refugees)",
    "Priority 3: Use fiscal policy to invest in people and infrastructure",
    "Conference role: forum for public officials, private sector, and civil society from more than 20 countries to share experiences and operationalize inclusive growth agendas.",
    "Importance of dialogue: engaging those affected by reforms fosters trust and ownership, increasing the sustainability and impact of reforms.",
    "Observation from conference: positive energy, quality of discussions, and actionable ideas (i-labs cited as source of findings).",
    "Central message: Today’s youth are the Arab region’s greatest potential and their aspirations must be heeded.",
    "Closing quote referenced: “Your children are not your children. They are the sons and daughters of Life's longing for itself.” — Khalil Gibran.",
    "Closing word: Shukran!",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[Morocco and the IMF](http://www.imf.org/external/country/MAR/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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