Yemen economy floundering

Sana'a: Yemen is still suffering serious economic problems that put it among the least-developed countries in the world, according to a new study.

According to a report in the Yemen Times, the Cairo-based Economic Research Forum (ERF) said the economy faced a number of obstacles including a decline in oil production, inflation, currency devaluation and poor financial policies.

Abdul Bari Al Shajabi, professor of economics at Sana'a University, said financial and administrative corruption, coupled with the extravagant public budget spending, were the real causes behind the major economic crises in Yemen.

Yemen's current oil reserves are expected to run out in eight years.

The ERF consists of a network of experts that contribute to regional economic research in order to stimulate sustainable development.