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Yemen faces socio-economic challenges

May 24, 2012 at 10:32 AM   |   Comments

RIYADH, Saudi Arabia, May 24 (UPI) -- Ministers at the Friends of Yemen conference in Riydah, Saudi Arabia, said Yemen faces an array of socioeconomic challenges that need to be addressed.

Yemeni Minister for Planning and International Cooperation Mohammad al-Sady said only 26 percent of the population has access to potable water and only 42 percent has access to electricity.

"The 2011 uprising resulted in a deterioration of basic services," Sady said. "The events had the worst impact ever on the national economy, leading to budget challenges due to a sharp decline in revenues, aggravating the humanitarian suffering," he said.

Sady said unemployment is Yemen's biggest challenge with 52.9 percent of the country's youth jobless and an overall national unemployment rate of 44.4 percent.

A report by Yemen's Development Research Centre of Economic and Social Studies showed inflation rose to 24 percent in January, compared to 13 percent in December 2010.

Al-Shorfa newspaper said Thursday economists warned high inflation would undermine economic recovery and hinder sustainable growth.

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