ESCWA says unrest curbs growth, stability in Arab region

BEIRUT, Nov 10 (KUNA) -- The cumulative effects of the economic and political uncertainty in the Arab region continue to impede its prospects for growth and stability, the UN Economic and Social Commission for Western Asia (ESCWA) said in a report on Thursday.
Director of ESCWA Economic Development and Integration Division Mohamed El-Mokhtar Mohammad El-Hassan added that the economic growth is semi-stopped as a result of the economic and political uncertainty in the region.
He noted that the drop in oil prices has increased burdens on regional economy and imposed restrictions on growth in countries which depend on energy exports.
The average growth rate of the gross domestic product (GDP) of the Arab region in real terms for 2015 has been estimated at 0.9 percent and expected to reach 1.5 percent in 2016, he said.
He expected that the slow economic growth of GCC member states will continue due to the continued cut in general spending.
The growth rate of the GDP of GCC states dropped by 3.4 percent in 2014 and 3 percent in 2015, he said, indicating that it is anticipated to hit 2.1 percent in 2016.
Some Arab countries will witness a slow economic growth because of some geopolitical factors, a little demand from China and Europe and imposing restrictions on balance of payments, he said.
Meanwhile, Chief of ESCWA Modeling and Forecasting Section (MFS) Mohamed Hedi Bchir said the loss of the Arab region resulted from the economic and political unrest reached USD 614 billion of GDP.
At least 7.6 million people have been internally displaced in Syria and more than four million others fled the country, while about 130,000 people have been displaced in Yemen and about 434,000 in Libya by the end of 2015, he stated.
At least 470,000 Syrians had been killed as a result of the conflict and the loss ranged between USD 169-259 million, he added.
The unemployment rate rose in Syria from 15 percent in 2011 to 48 percent in 2014, and more than 80 percent of Syrians are living below poverty line, he said.
Nathalie Khaled, an official of economic affairs, said that women in the Arab region have been suffering from inequality on all levels.
Women political representation rose from 14 percent in 2015 to 17.5 percent in 2016, Tunisian, Algerian and Sudanese women topped the rankings in this regard, she revealed.
She called for exerting further efforts to increase jobs for women, and improve social protection systems and labor laws. (end) wsm.hm