However, the Survey of economic and social development in the Arab regionpublished by the United Nations Economic and Social Commission on West Asia (ESCWA) the following projectCOVID-19 economic recovery efforts to spur a very slight decline next year – to 11.7 per cent.
Poverty binds
Meanwhile, poverty as measured by national standards has also increased, affecting 130 million people in Arab countries. Survey.
Excluding Libya and the Gulf Cooperation Council countries, more than a third of the population in the region is affected.
Furthermore, the poverty rate is expected to increase over the next two years, reaching 36% of the population by 2024.
Good signal for growth
Despite the disruptions caused by the COVID-19 pandemic and the war in Ukraine, survey shows expected growth of 3.4% next year across the Arab region.
While inflation rates have spiked to 14% this year, they are projected to drop to 8% and 4.5%, respectively, over the next two years.
Notable difference
However, despite the region’s positive growth prospects, Ahmed Moummi, lead author of surveypointed out significant differences between countries, which have been exacerbated by the war in Ukraine.
Noting that the consequences are not the same for all Arab countries, he asserted that Gulf Cooperation Council countries and other oil-exporting nations will continue to benefit from higher prices. higher energy.
At the same time, oil-importing countries will face a number of socioeconomic challenges, including rising energy costs, food shortages, and a decline in both tourism and inflows. international aid.
“The current situation presents an opportunity for the oil-exporting Arab countries to diversify their economies beyond the energy sector by accumulating reserves and investing in projects that generate inclusive growth. and sustainable development”, Mr. Moummi underlined.
Through its Annual Survey, ESCWA provides analysis of the latest economic and social trends in the region to help Member States develop and implement evidence-based policies and improve economic planning processes for sustainable and inclusive development.
