The Studies and Economic Media Center (SEMC) launched its Annual Economic Report for the year 2024 today, Monday, during a virtual webinar, with broad participation from academics, specialists, and representatives of the private sector. The Report highlighted the key challenges and transformations the Yemeni economy has witnessed amid the ongoing complex political situation and financial division.
The Report, issued by the SEMC’s Economic Surveillance & Research Unit, stated that the Yemeni economy is going through a critical phase marked by the depreciation of Yemen’s currency, with the US dollar surpassing the 2,000 Yemeni riyal threshold, and the persistent divisions within the banking sector. It also pointed to the escalation of U.S. sanctions against the Houthi group and affiliated entities, as well as the ongoing violations faced by the private sector across various regions.
Opening the webinar, the SEMC’s Chairman, Mustafa Nasr, stated: “The importance of this Report lies in its release amid sensitive and difficult economic conditions, which posed a real challenge in accessing sources and obtaining accurate information. Nevertheless, this did not prevent us from preparing a comprehensive report that addresses the most significant economic issues Yemen witnessed during 2024.”
For his part, the General Manager of the Taiz Chamber of Commerce, Mofeed Abdo Saif, praised the Report for documenting violations against the private sector, noting: “The government has not responded satisfactorily to the private sector’s demands, especially under the burdensome bureaucracy that has stifled the dynamism characteristic of the public sector.”
Meanwhile, the Chairwoman of the Businesswomen’s Council, Dr. Fouzia Nasher, described the Report as “a major achievement amid the absence of government transparency, ”considering it “a call for intensified efforts to confront the violations suffered by the private sector and the ongoing economic deterioration.”
Economic researcher Dr. Hisham Al-Sarmi commented that the report demonstrated “clear effort and appeared comprehensive compared to the quarterly reports issued by relevant bodies,” stressing the importance of relying on fieldwork to obtain accurate and complete information. Also, the Executive Director of the Hadhramout Chamber of Commerce, Majdi Boabbes, also appreciated the content of the Report, commending the SEMC for “its ongoing efforts in shaping economic policies that contribute to overcoming the challenges facing the Yemeni economy, particularly the private sector.”
In addition, Dr. Abdulmoez Dabwan, a Member of the Yemeni Parliament and Executive Director of the “Yemen Pac Organization, highlighted the importance of the Report, especially regarding “its documentation of violations against the private sector, its analysis of monetary policy amid declining international aid, and the growing impact of U.S. sanctions on the Houthi group.” He also warned of the consequences of Houthi attacks in the Red Sea, which have raised shipping and maritime insurance costs, directly impacting the prices of goods and essential commodities in the local market.
The webinar concluded with several contributions expressing deep concern over the ongoing economic decline and the absence of comprehensive governmental solutions. Speakers affirmed that the report reflects the deepening paralysis in government institutions, which negatively affects the national economy, the local currency, and the private sector.
You can download the full Report through the following link: ????
http://www.yemenief.org/Download_Center/docment/doc_4127.pdf