A survey released by the UN Economic and Social Commission for Western Asia (ESCWA) has said that the Arab region registered a 12 percent unemployment rate in 2022– the highest in the world.
Meanwhile, according to the Survey, poverty has increased along national lines, affecting 130 million people in Arab countries.
More than one-third of the region’s population is affected, excluding Libya and Gulf Cooperation Council members, the report highlighted.
Furthermore, poverty is anticipated to climb during the next two years, reaching 36% of the population in 2024.
Despite the disruptions caused by the COVID-19 epidemic and the war in Ukraine, the survey predicted 3.4 percent growth in the Arab region next year.
While inflation rates rose to 14% this year, they are expected to fall to 8% and 4.5% in the next two years, respectively, as per the report.
Despite the region’s favorable development prognosis, Ahmed Moummi, the survey’s principal author, alluded to major disparities among countries, which were worsened by the war in Ukraine.
Moummi has also noted that Gulf Cooperation Council countries and other oil-exporting countries will continue to benefit from increased energy costs, taking into consideration that the repercussions are not the same for all Arab countries.
“The current situation presents an opportunity for oil-exporting Arab countries to diversify their economies away from the energy sector by accumulating reserves and investing in projects that generate inclusive growth and sustainable development”, Moummi highlighted.
Source: National News Agency