Yet, despite the region’s positive growth perspective, Ahmed Moummi, lead writer of the Study , pointed to substantial discrepancies among countries – which were exacerbated by the war in Ukraine.
Mounting poverty
Meanwhile, poverty measured against national lines also surged, affecting 130 million individuals in Arab countries, revealed the Survey. Noting that will repercussions were not the same for all Arab States, he preserved that Gulf Cooperation Authorities countries and other oil-exporting ones will continue to benefit from higher energy prices. Nevertheless , the Survey of Economic plus Social Developments in the Arabic Region , published by the UN Economic and Social Commission for Western Asia ( ESCWA ) projects post- COVID-19 economic recovery efforts in order to prompt a very slight reduce next year – to eleven. 7 per cent.
Great news in growth
At the same time, oil-importing nations will suffer from several socioeconomic challenges, including rising energy costs, food supply disadvantages, and drops in both travel and leisure and international aid inflows. Excluding Libya and Gulf Cooperation Council nations, more than one-third of the region’s population is affected.
Significant discrepancies
While inflation rates jumped this year in order to 14 per cent, they are predicted to drop to eight and 4. 5 per cent, respectively, in the next two years. In spite of disruptions triggered by the COVID-19 pandemic and war in Ukraine, the Survey demonstrated an expected 3. 4 per cent growth next year through the entire Arab region. “The current situation presents an opportunity for oil-exporting Arab countries to diversify their particular economies away from the energy industry by accumulating reserves and investing in projects that produce inclusive growth and lasting development”, Mr. Moummi underscored . Furthermore, poverty levels are expected to increase over the next two years, reaching 36 per cent of the population in 2024. Via its annual Survey, ESCWA provides an analysis of the most recent social and economic tendencies in the region to help member Claims in developing and implementing evidence-based policies, and enhancing economic planning processes for sustainable and inclusive advancement.
