Iraq recorded the highest rates of gross domestic product in the region
Monday, July 30, 2012
Twilight News : A report of the Economic and Social Commission for Western Asia of the United Nations (ESCWA), the rate of unemployment in the region is the highest in the world, Iraq's record with the highest percentage of gross domestic product.
The report predicted that the decline of GDP growth for 2011 from 5.7% in 2010 to 5.1%, pointing out that the Gulf States will see an increase in the growth rate to reach 6.3%, compared to 5.7% in 2010.
The report, which received "Twilight News" copy of it, that Iraq maintained the highest growth rate is 9.6%, while the other part of the ESCWA region, which includes both of Egypt, Jordan, Lebanon, Palestine, Sudan, Syria and Yemen, the rate of growth reached 0.8% in 2011 compared to 5.3% for 2010.
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The report predicted, to continue this wall between the two groups of ESCWA member countries in 2012, where the rate of growth in the Gulf states and in Iraq 4.5% 10.5%, while the rest of the region will not exceed the growth rate of 0.6%.
The report noted that this polarization in growth will lead to consolidation of the instability on the dominant economic and social development in the region.
He also noted that oil revenues have maintained a high level historically under the Arab spring, which led to the creation of growth poles apart are the oil-exporting countries versus the rest of the ESCWA region.
He pointed out that "the channels that connect the oil-exporting countries and the rest of the countries leading to increased utilization of oil revenues have become almost non-existent as a result of internal crisis and political instability that prevails in some countries in the region."
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