Contribution of Arab Economies to Global GDP Stands at Five Percent: UN Report
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Synopsis
A recent UN report reveals that the Arab economy contributes nearly five percent to global GDP, with Qatar as the richest nation in the region. The analysis covers economic data from 2017 to 2023, showing the per capita income and material well-being across Arab countries, highlighting notable disparities.
Key Takeaways
- The Arab economy makes up about 5% of global GDP.
- Qatar is the wealthiest nation in the Arab region.
- The report analyzes data from 2017 to 2023.
- Average per capita income in GCC countries is above the global average.
- Egypt and Saudi Arabia are the largest economies in the region.
Beirut, March 3 (NationPress) The Arab economy constitutes approximately five percent of the global Gross Domestic Product (GDP), with Qatar identified as the wealthiest nation in the region, as per a recent report published on Monday by the United Nations Economic and Social Commission for Western Asia.
The report, titled "Real sizes of Arab economies between 2017 and 2023," evaluates the findings of the International Comparison Programme (ICP) and the Purchasing Power Parities (PPPs) of Arab currencies over a period of seven years, from 2017 to 2023.
It indicates that the average per capita income in the six Gulf Cooperation Council (GCC) countries exceeds the global average. Qatar, recognized as the richest Arab nation, ranks fourth globally, followed by the United Arab Emirates (UAE) in twelfth position and Bahrain in twenty-sixth. Conversely, Somalia and Syria have some of the lowest per capita incomes globally.
Majed Skaini, the regional programme manager for the ICP in the Arab region at ESCWA and the report's author, emphasized that while Qatar leads the Arab region in terms of GDP per capita, it holds the third position regarding material well-being, assessed by Actual Individual Consumption (AIC) per capita, as reported by Xinhua.
The report further states that the UAE ranks highest in the Arab region for material well-being, occupying the twenty-fourth spot globally, followed by Kuwait in thirty-seventh place and Qatar in thirty-eighth.
In terms of economic size, Egypt and Saudi Arabia emerge as the two largest economies in the region, contributing 27 percent and 24 percent, respectively, to the regional economy, both ranking among the world's top 20 economies.
