A forecast increase in the economies of a number of oil-exporting countries in the Middle East could help to generate jobs, it has been suggested.

The International Monetary Fund's (IMF) Regional Economic Outlook for the Middle East and Central Asia report predicts the region's oil rich nations - including the likes of Saudi Arabia, the United Arab Emirates and Iran - will have expanded by 4.9 per cent before 2011 draws to a close.

Masood Ahmed, director of the IMF's Middle East and Central Asia department, said: "We should not lose sight that the ongoing historical transformation holds the promise of improved living standards and a more prosperous future for the people in the region."

Arab News recently stated a major shift is needed in the Middle East in order to ensure that small businesses are able to tap into the human capital available, as there is still a barrier in place in terms of expansion and development for such firms.

Posted by Lee Thrace