Head of the ESCWA Development and Globalization Division (EDGD) Moctar Mohamed El Hacene today said that non-oil exporting countries in the region, especially Lebanon and Jordan, may experience weakened growth prospects, partially due to the negative repercussions of armed conflicts in neighboring countries. Al Hacene was speaking in the first press conference to be held after his assignment to ESCWA, and which was organized to launch the World Economic Situation and Prospects 2015 (WESP) report. WESP is produced at the beginning of each year by the UN Department of Economic and Social Affairs (UN/DESA), the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions, ESCWA included, and the World Tourism Organization (UNWTO).
The press conference was opened with introductory remarks by ESCWA Deputy Executive Secretary Abdallah Al Dardari, who introduced El Hacene, a former Minister of Petroleum and Mines in Mauritania whose experience includes working with the World Bank, GIZ, and African Development Bank. On the Arab region, Al Hacene noted that the average GDP growth of Arab countries decelerated to 2.6 per cent in 2014 from 3.3 per cent in 2013 because of doubts over geopolitical tensions. It is projected to reach 3.9 per cent in 2015. He also pointed out that despite lower oil prices, stable crude oil exports for Arab exporting countries and the growth in public expenditure in the countries of the Gulf Cooperation Council, supported by substantial financial reserves, in addition to increased demand from East and South Asia will positively support economic growth in the region. Al Hacene said that ESCWA is preparing studies and analyses on the sudden drop in oil prices and its effects on the region.
For more information: http://www.un.org/en/development/desa/policy/wesp/
