Prime Minister Tammam Salam speaks at the Arab Economic Forum in Beirut, Tuesday, May 5, 2015. (The Daily Star/Mohammad Azakir)
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It is unacceptable to have low average growth rates ranging between 3.2 percent and 3.8 percent in 2015-2016 in Arab countries, said Francois Bassil, president of the Association of Banks in Lebanon.Bassil said this low growth rate triggered a huge gap between the different social classes in the Arab world in addition to a lack of proper distribution of national income.Baz underlined the importance of improving the education and health sector in Arab countries in addition to activating financial markets alongside improving their job markets.His remarks were echoed by economist Kamal Hamdan, who emphasized the government's role in creating jobs. He said that most of the private sector in the Arab world is made of micro businesses that employ less than five workers. Hamdan said that Arab countries must work hard on creating successful industry sector which is considered to be an added value for their economies.The Arab customs union was announced at the Arab League's 2009 Arab Economic and Social Development Summit in Kuwait in order to achieve a functional customs union by 2015 and an Arab common market by 2020 in addition to increasing inter-Arab trade and integration.
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