Gov’t official: Ongoing war causes $88 billion economic loss

Gov’t official: Ongoing war causes $88 billion economic loss

Alsahwa Net- Minister of Planning and International Cooperation, Najib Al-Awj said on Thursday that the ongoing war has badly impacted the economic growth, paralyzed the economy and weakened the productivity.

The gross domestic product (GDP) has shrunk about 50 percent during the past five years, Al-Awaj said.

Al-Awj delivered this remark during his online video meeting with the deputy chief of the World Bank (WB) for Middle East and North Africa, Fareed Belhaj within the WB group’s annual meeting.

He called for reopening the WB office in the interim capital Aden.

The total accumulative economic loss reached over $88 billion and the exchange rate of the national currency deteriorated 180 percent, according to Al-Awj.

He indicated that the internally displaced persons (IDPs) who reached about 3.5 million people have created additional burden on the government.

He expressed Yemen’s eagerness to cooperate with all international organizations to support economic recovery and to contribute at opening job opportunities and taking part in the peacebuilding.  

He affirmed the need to change gradually from relief intervention to the economic recovery support to boost up the economy particularly vital sectors such as health, education, transportation, agriculture and fishery wealth.

 

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