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Subject: Economic Development | Issued in: 2012 | Symbol: E/ESCWA/EDGD/2012/2

Survey of Economic and Social Development in the ESCWA Region, 2011-2012
مسح التطوّرات الاقتصادية والاجتماعية في غربي آسيا، 2011-2012

The 2011-2012 Survey assesses the most recent economic and social developments in the Economic and Social Commission for Western Asia (ESCWA) region using data that became available by the second quarter of 2012. It found that differences in growth in gross domestic product (GDP) between major oil producers and the rest of the ESCWA region seemed to diverge. Oil export revenues in the Gulf Cooperation Council (GCC) countries marked an all- time high. However, subdued intraregional tourism, foreign direct investment and foreign portfolio investment clearly failed to produce the positive spillover of oil revenues throughout the region. The Survey emphasizes that this growth polarization deepens already uncertain prospects of economic and social development, noting that the unemployment rate in the region remains the highest in the world. The Survey concludes that harnessing ‘regional leverage’ by developing regional cooperation frameworks for regional Arab integration is crucial in tackling pressing issues to achieve a constructive economic and social transition.

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