ESCWA: Two Arab countries in the world’s 10 richest and two in the 5 least expensive

Beirut. Dec. 10, 2020 December 2020- OccupyArab countries. They are Qatar and the United Arab Emirates. the second and eighth positions, respectively. in the list of the ten richest countries in the world. Egypt and Sudan ranked first and third among the five least expensive countries. These are some of the findings of a new report released today by the United Nations Economic and Social Commission for Western Asia(ESCWA) entitled “Purchasing Power Parities and the Real Size of Arab Economies“. It is a regional report that presents the longest and most recent annual PPP time series covering the years 2011 to 2019. Most countries still rely on the official exchange rate as an indicator to compare the size of their economies to others. But because most of those prices have stabilized. The index does not reflect the true relative value of currencies and their purchasing power across different countries. The report provides indicators and comparative analysis of the real sizes of the economies of 12 Arab countries whose economies account for 84% of the region’s economy. according to purchasing power parities. It also shows that the average per capita material well-being in this group of countries is higher than the global average. Contrary to what the account reflects at exchange rates. Majid Sakini explained Regional Director of the International Comparison Program at ESCWA “Purchasing power parities are important for use in comparative economic analysis and welfare estimates. And for its role in monitoring progress towards achieving the 2030 Agenda for Sustainable Development and its goals and indicators.”