BEIRUT, March 27 (Xinhua) -- The prolonged conflicts in Gaza and Sudan are weighing on Arab economies and slowing down their growth, a statement released by the United Nations Economic and Social Commission for Western Asia (ESCWA) reported on Wednesday.
"With the stabilization of oil and gas prices at moderate levels in 2023, the region's gross domestic product (GDP) was expected to grow around 3.6 percent in 2024 and 4.2 percent in 2025; however, current predictions bring the figure down to 3.3 percent for 2024," the statement said.
ESCWA released the findings in the 2022-2023 issue of its annual Survey of Economic and Social Developments in the Arab Region, which provides an overview of the principal economic and social development indicators along with prospects for the following two years.
The statement noted that poverty rates in low-income and conflict-affected Arab countries have jumped to about 63 percent and 50 percent in 2023 respectively from 56 percent and 45 percent in 2019.
It added that the conflict in Gaza is threatening to push the entire population of the Strip -- about 2.3 million Palestinians -- into multidimensional poverty.
Meanwhile, the outlook in least-developed Arab countries (LDCs) remains highly uncertain and gloomy, affected by the escalating conflict in Sudan.
According to the statement, the subregion's GDP could decrease by 3.8 percent on average during 2023-2025, with Arab LDCs continuing to face constrained fiscal space and challenging socioeconomic conditions.
The survey emphasized the need to adopt strategies to address "the unique and common challenges faced by each country, encompassing immediate humanitarian needs, economic resilience, and social integration." ■
