Survey of Economic and Social Developments in the ESCWA Region 2007-2008

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This year’s Survey builds on the right to development themes adopted in previous issues and focuses on two significant concerns that have long constrained the right to development in the United Nations Economic and Social Commission for Western Asia (ESCWA) region: capital flight and unemployment. The publication illustrates recent economic trends and developments in the ESCWA region, capital flows to the region, discusses rights-based employment creation, and gives synopsis of integrated social policies. It concludes with a rights-based macroeconomic policy for the ESCWA region.

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Conclusion: A rights-based macroeconomic policy for the ESCWA region

The oil boom offers an opportunity for ESCWA countries to shift their economic policies away from a conventional agenda and orientate them towards a new rights-based compact. Such a compact would offer these countries the opportunity to direct the resources made available through the oil price boom towards a sustainable alternative economic growth model that is simultaneously broad-based, democratic, employment-intensive and distributionally progressive. This concluding chapter examines five macroeconomic aspects of rights-based development strategies, namely: investment and growth; fiscal policy and public investment issues; monetary and financial policy; balance of payments policy; and regional integration. These are preceded by a review of rights-based policy issues in the context of a resource-fuelled boom.


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