ESCWA region has witnessed a period of robust economic growth in 2006 driven by a strong global economy, high oil prices, and a thriving financial performance. Better investment opportunities have boosted capital inflows while oil revenues have led to an accumulation of liquidity, which in turn has been channelled into large investments. Average growth estimates and forecasts for the ESCWA region have been revised slightly downwards since the last quarter of 2006, mainly as a result of lower than expected growth figures for Saudi Arabia, which represents the region’s largest economy and accounts for approximately 35 per cent of the total GDP of the region.