Arab Countries GDP Growth Hits 4.8 pct

(MENAFN- Qatar News Agency) The annual growth rate of the Arab countries Gross Domestic Product (GDP) has reached 4.8 percent in the Fiscal Year 2012-13, a report by the Economic and Social Commission for West Asia (ESCWA) showed . "This high rate was achieved despite the geopolitical problems in the region, particularly the Syrian conflict, thanks to the swelling oil prices and revenues," ESCWA Chief Economist and Director, Economic Development and Globalization Division Abdallah Al-Dardari said in a ceremony to launch the report, themed "Survey of Economic and Social Developments in the Arab Region" for the FY 2012-13, held in Beirut on Tuesday. "With the projected gradual decline of oil prices over retreating demand the Arab region GDP growth rate is expected to hover between 4-4.4 percent for FY 2013-14", he added ,according to the Kuwaiti news agency KUNA. The ESCWA annual report is intended to assess the Arab economies in the global context of economic events that took place recently and also to address pressing policy agenda in the region by a theme-based in-depth research.