The 28th Session of the United Nations Economic and Social Commission for Western Asia (ESCWA) today continued its discussions, and assessed latest findings on economic and social developments in the Arab region. High-level government officials from the member countries of ESCWA were presented with the “Survey of Economic and Social Developments in the Western Asia Region” which covers 2013 and early 2014.

Highlights from the report include the severe decline in the regional economic growth rates, from an estimated 7.7% in 2012 to 3% in 2013, due largely to prolonged instability and conflict as well as a tapering-off in commodity prices. A sub-regional analysis revealed a two-track development course, with Gulf Cooperation Council (GCC) countries developing at a greater pace, increasingly distant from the greater Arab region due to weakened market linkages. The persistence of financing gaps and corollary dependence on bilateral and multilateral financial support was also noted for the Maghreb, Mashreq and least developed countries, while moderate success in curtailing the depletion of foreign reserves was commended. The report concluded with a forecast of moderate growth (3.4%) in 2014, with strong GCC growth only marginally affected by declining energy export revenues, while net energy-importing countries are expected to continue suffering from political risk factors.

Participants commended the report of ESCWA as a practical product for researchers and policy-makers alike, looking forward to its future editions.

Under the banner of “Social Justice in the Policies of Arab States”, Tunisia is hosting the 28th Session of ESCWA from 15 to 18 September 2014 at the Regency Hotel. ESCWA is one of the five regional commissions of the United Nations. It provides a framework for the formulation and harmonization of sectoral policies for member countries; a platform for congress and coordination; a home for expertise and knowledge, and an information observatory. It aims at supporting economic and social cooperation between the region’s countries and promoting development process in order to achieve regional integration.
Libya, the Kingdom of Morocco and the Republic of Tunisia became members of ESCWA in September 2012. By this new membership, the number of ESCWA countries rose to seventeen, including: Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, The Sudan, The Syrian Arab Republic, The United Arab Emirates and Yemen.
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