Survey of economic and social developments in the Arab region, 2013-2014
2014
The Arab region witnessed slower economic growth in 2013 compared to 2012, owing mainly to the moderate growth in oil revenues of major oil-exporting countries. While member countries of the Gulf Cooperation Council (GCC) are on a stable recovery path, the polarization of economic performance continues between these countries on the one hand, and all other Arab countries on the other hand. The political, security and humanitarian crisis in Iraq, Libya, Palestine and the Syrian Arab Republic deepened, impacting the neighbouring countries negatively. Political instability remained in Egypt, the Sudan and Yemen. The Arab region is increasingly seen as fragile and chaotic in both socioeconomic and sociopolitical terms, despite its vast energy, and natural and human resources. One of the most striking structural weaknesses recently revealed in the Arab region is the widening financing gap for development, both in terms of foreign exchange and government budgets, particularly in energy-importing countries. Several Arab countries are compelled to undergo fiscal consolidation under mounting foreign exchange constraints. In the light of the pressing nature of this policy issue, the Survey of Economic and Social Developments in the Arab Region 2013-2014 addresses the theme of financing gaps in its chapter III. It estimates financing gaps to achieve full employment and concludes with a set of policy recommendations, particularly regarding the potential of regional integration. Indeed, as outlined in this Survey, regional integration has the greatest potential to unlock financial resource mobilization and diversification, and should be used as a tool for economic and social transformation across the Arab region.
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