Business & Economy

A pleasant surprise for the Arab region

The United Nations Economic and Social Commission for Western Asia (ESCWA) predicted an economic recovery for the Arab region in 2022 and 2023.
ISQUA released a paper entitled “Economic and Social Developments in the Arab Region 2020-2021,” in which it predicted a continued economic recovery that began in 2021, bringing the region’s GDP to 3.7 percent in 2022, and 3.6 percent in 2023.
It predicted that the pace of recovery would vary among countries according to several criteria, including the speed of vaccination campaigns against the corona virus, oil and tourism revenues, the volume of remittances and development assistance flows.
Poverty rates were projected to fall from 27 percent of the total population in 2021 to about 26 percent in 2023, with unemployment rates in the region remaining among the highest in the world.
In its forecast, the GDP of conflict-affected countries would grow by 4.5 percent in 2022, and 6.9 percent in 2023.

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