A report recently published by the Economic and Social Commission of Western Asia (ESCWA), featured in Al Hayat newspaper, showed that the sharply rising oil revenues in 2000 accelerated the economic growth rates in the Middle Eastern countries in 2000.
According to the findings of this repot, the region’s oil revenues hit a peak record of $166 billion in 2000 compared to only $70.8 billion in 1999 and $71.1 billion in 1998.
In addition, the report revealed that the economies of the ESCWA member countries, excluding Iraq, are expected to achieve an average 4 percent real GDP growth rate in 2001.
Although the projected growth rate for 2001 is lower than that of 2000, the economic conditions in the ESCWA member countries are expected to improve throughout 2001. If the economic sanctions are removed, a similar positive change is expected in Iraq. –(Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
