On Wednesday, the United Nations Economic and Social Commission for Western Asia (ESCWA) said that the prolonged conflicts in Gaza and Sudan are weighing on Arab economies and slowing down their growth.
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“With the stabilization of oil and gas prices at moderate levels in 2023, the region’s gross domestic product (GDP) was expected to grow around 3.6 percent in 2024 and 4.2 percent in 2025; however, current predictions bring the figure down to 3.3 percent for 2024,” it stated.
ESCWA released the findings in the 2022-2023 issue of its annual Survey of Economic and Social Developments in the Arab Region, which provides an overview of the principal economic and social development indicators along with prospects for the following two years.
Poverty rates in low-income and conflict-affected Arab countries have jumped to about 63 percent and 50 percent in 2023 respectively …