BEIRUT, Dec. 31 (Xinhua) -- Economic growth in the Arab region is expected to reach 2.5 percent in 2024, according to a report released Tuesday by the United Nations Economic and Social Commission for Western Asia.
The report noted that growth is expected to accelerate in 2025, reaching 3.9 percent.
Dubbed Survey of Economic and Social Developments in the Arab Region, the report noted that the growth in the Gulf Cooperation Council countries is expected to reach 4.3 percent in 2025.
Increased demand for phosphate and gas will drive growth in middle-income Arab countries, where it is expected to reach 2.8 percent in 2024 and 3.6 percent in 2025, it said, adding that the repercussions of the war on Gaza and Lebanon will affect neighboring Egypt and Jordan.
Meanwhile, Arab conflict- and war-torn countries continue to face severe contraction. In 2024, the economy of Palestine contracted by at least 13.3 percent, and the economy of Sudan by at least 12.6 percent. Lebanon's GDP also contracted by at least 1.9 percent, said the report.
The report highlighted concerns regarding the region's rising unemployment rate, projected to reach 11.5 percent in 2024.
"The region is in dire need of comprehensive development plans based on innovation and regional and international partnerships to face challenges efficiently," said Ahmed Moummi, the survey's lead author. ■
