The Council of Arab Economic Unity issues its statistical economic report for the member states – 5 major crises facing the member states

Date: 05 - 10 - 2020

The report: 5 major crises facing the GCC countries… and the wealth that the region possesses is sufficient to establish a superpower among the world

The Council of Arab Economic Unity of the League of Arab States issued its first statistical economic report for the countries of the Council, and it included indicators for the countries (Iraq, Syria, Palestine, Yemen, Egypt, Sudan, Somalia, Mauritania), and all Arab countries should be added in the next report.

The report relied on a structural framework consisting of 7 axes, starting with its base “stability and social and political security” and ending with “macroeconomic results”, as it is the top of the economic pyramid.

The report aims to provide comprehensive and accurate information to enable decision makers to know the strengths and weaknesses, and clarity of priorities, as well as provide a multi-dimensional analysis to understand the impact of the interaction of economic and social factors with each other and to come up with appropriate recommendations.

The report identified 5 major crises facing the countries concerned with the study: revolutions and security disturbances, the crisis of low oil prices, high unemployment rates, scarcity of economic resources, poor productivity in general, and that in light of the crisis of the outbreak of the Corona epidemic, the global economic downturn and slowdown, and the decline in growth rates, the severity of the crisis has doubled. those challenges.

The report concluded that the logical basis and first priority for any process aimed at economic reform starts with social, political and security stability, stressing that the wealth that Arab countries possess over their lands and waters are very sufficient to establish a great nation and a great power among the world, whenever they are used in an integrated manner and in accordance with a vision clear strategy.

The report pointed out that the Arab human wealth capable of giving deserves to regain its historical centrality and influential position by possessing cultural and scientific knowledge, as the countries of the region have a tremendous opportunity to maximize the volume of intra-regional trade to exceed half the volume of foreign trade for Arab countries, and this requires returning the Arab Free Trade Agreement to The right way, remove all obstacles that hinder its launch correctly.

The report stressed the need to move quickly to develop financial and economic policies and legislation in a way that suits the historical stage and keeps pace with the capabilities and nature of the current development in the world, where the digital economy is an essential locomotive for economic growth, and work must be done to strengthen this type of economy, by adopting a comprehensive strategic vision that guarantees Arab cooperation and growth. local at the same time.

book link