The United Nations on Thursday revised upward its forecast for GDP growth in Western Asia for 2018 from 2.3 percent to 3.3 percent, mainly reflecting a stronger growth projection for Turkey.
According to a newly updated UN report, economic growth in Turkey accelerated in the second half of 2017, on the strength of recovering domestic demand and stabilising balance-of-payments.
Also, growth in Israel remains robust, with low inflation and strengthening external demand, said the UN World Economic Situation and Prospects (WESP) 2018, updated as of mid-2018.
Meanwhile, the member States of the Gulf Cooperation Council (GCC), namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, are also expanding at a faster pace, WESP 2018 showed.
In particular, the reported noted the non-oil sector of the GCC countries has been growing steadily, supported by moderate demand growth in the public sector with the recovery in oil revenues.
By contrast, WESP 2018 said that in Jordan and Lebanon, domestic demand growth remains weak amid moderate inflation, adding fiscal stances in these countries are likely to be tightened as part of reform plans linked to support from international donors.
In respect to conflict-affected countries, it said despite ongoing armed conflicts, more signs of economic stabilisation have been observed in Iraq and Syria.
However, while an improvement in the security situation is supporting the Iraqi economy, recovery in Syria is subject to its fragile balance-of-payments situation and economic sanctions, the report said.
It added that the crisis in Yemen remains dire, amid an escalation of conflict, deteriorating food security and balance-of-payments conditions.
According to a newly updated UN report, economic growth in Turkey accelerated in the second half of 2017, on the strength of recovering domestic demand and stabilising balance-of-payments.
Also, growth in Israel remains robust, with low inflation and strengthening external demand, said the UN World Economic Situation and Prospects (WESP) 2018, updated as of mid-2018.
Meanwhile, the member States of the Gulf Cooperation Council (GCC), namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, are also expanding at a faster pace, WESP 2018 showed.
In particular, the reported noted the non-oil sector of the GCC countries has been growing steadily, supported by moderate demand growth in the public sector with the recovery in oil revenues.
By contrast, WESP 2018 said that in Jordan and Lebanon, domestic demand growth remains weak amid moderate inflation, adding fiscal stances in these countries are likely to be tightened as part of reform plans linked to support from international donors.
In respect to conflict-affected countries, it said despite ongoing armed conflicts, more signs of economic stabilisation have been observed in Iraq and Syria.
However, while an improvement in the security situation is supporting the Iraqi economy, recovery in Syria is subject to its fragile balance-of-payments situation and economic sanctions, the report said.
It added that the crisis in Yemen remains dire, amid an escalation of conflict, deteriorating food security and balance-of-payments conditions.
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