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Regional Economic Forecast - 2009

E/ESCWA/EDGD/2009/Technical Paper.4
Issued in: 

As the world economy indicated a recovery from recession throughout the second and third quarters of 2009, the economic sentiment of the ESCWA region has improved from pessimism to cautious optimism. Several worst-case scenarios have not happened at the present phase of the global financial crisis. A balance-of-payment crisis and associated currency devaluation did not materialize even in the countries where the current account positions were weak. The once feared reverse mass migration of expatriate workers from the member countries of the Gulf Cooperation Council (GCC) did not take place.