By United Nations
The 5th version of the 2006 Annual evaluate assesses growth made in integrating Arab economies into the area financial system and the level to which neighborhood integration has been accomplished. The assessment goals to assist readers comprehend the possibilities and demanding situations of globalization, the necessity to expedite Arab nearby integration and the skill proposed for attaining such integration.
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Extra resources for Annual Review of Developments in Globalization and Regional Integration in the Arab Countries, 2006
24 Sources: ESCWA, based on IMF, Direction of Trade Statistics, Yearbook 2005; and IMF, Direction of Trade Statistics, Quarterly, September 2006. Notes: * As the number of EU member States grew from 15 to 25 on 1 May 2004, the 2003 data cover 15 member States and the 2005 data 25 member States. ** Excluding the West Bank and Gaza Strip for lack of reliable data. Figure 5. 24 0 ASEAN NAFTA EU 2003 GAFTA 2005 Source: Based on table 11. 2 per cent in the Arab countries. 8 to 43 per cent, which indicates that foreign trade was higher than intraregional trade.
24 It may be concluded from a comparison with the value of intraregional trade and its ratio to foreign trade recorded by some regional blocs that the Arab countries must intensify their efforts to increase intraregional trade and enhance regional economic integration. Table 11 shows that, compared with some other regional blocs, the Arab countries recorded the highest growth rate in the value of intraregional trade between 2003 and 2005. Intraregional trade rose from only $46 billion in 2003 to about $98 billion in 2005, which is equivalent to a 112-per-cent increase.
Lebanon ranks first in terms of intraregional workers’ remittances Intraregional workers’ remittances remained unchanged in 2005 and continued to flow from Arab countries with a labour surplus to those with a labour shortage. Most remittances flowed from GCC countries to such non-oilexporting countries as Egypt, Jordan, Lebanon, the Sudan, the Syrian Arab Republic and Yemen. The ratio of intraregional workers’ remittances to GDP remained virtually unchanged except in Lebanon and Yemen. 4 per cent in 2005, a very pronounced increase which reflects the importance of such remittances to the Lebanese economy and increased Lebanese labour migration to Arab countries.