Press release

18 Apr 2013

Beirut

Growth in Arab Region to Taper Off, Says Chief Economist on Launching ESCAP Study on Macroeconomic Policies for Development

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ESCWA Chief Economist and Director of the Economic Development and Globalization Division (EDGD) Abdallah Al Dardari, said today that modest growth prospects of the Asia-Pacific economies will impact Arab economies through inter-regional economic and social linkages, which became crucial for the Arab region’s development. He added that economic growth of the Arab region will taper off in 2013, as no strong demand growth for natural resources will be seen in the near future. Al Dardari’s statement came on the occasion of the launch of the flagship publication issued by the Bangkok based UN Economic and Social Commission for Asia and the Pacific (ESCAP) entitled “Forward-looking Macroeconomic Policies for Inclusive and Sustainable Development”. Al Dardari also noted that the modest growth recovery, particularly of China and India, can still be positive for the Arab region as it represents the continuation of expanding socio-economic linkages of both regions. According to ESCWA’s estimation, Arab economies’ total exports to the Asia-Pacific region have grown by 12 percent to $638 billion in 2012 while the imports have increased by 15 percent to $291 billion, he said. The ESCWA Chief Economist stressed that the Asia-Pacific region stays the largest export destination for Gulf Cooperation Council (GCC) countries as well as Mauritania, Sudan and Yemen. The deepening inter-regional economic linkage is also represented in the area of foreign direct invest and Islamic finance. Moreover, socioeconomic dynamics of the Asia-Pacific region directly impact the Arab region’s labour markets as the substantial portion of foreign workers in GCC countries are from the Asia-Pacific region, he concluded. According to the report of ESCAP, China is estimated to record a moderate increase in growth from 7.8 per cent in 2012 to 8 per cent while India is projected to recover somewhat from last year’s low of 5 per cent to 6.4 per cent in 2013. The report also highlights macroeconomic policy for inclusive and sustainable development. To download the publication, please go to: http://www.unescap.org/pdd/publications/survey2013/download/index.asp
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