The banking and financial markets in the Arab Region are one of the fastest growing worldwide. More than 330 Arab banking and financial institutions operate in the Arab region today, with total banking assets amounting to 134% of GDP, or USD 3.3 trillion, total deposits accounting for more than USD 2 trillion and total loans reaching USD 1.8 trillion by the end of 2016.

The Arab region has registered a remarkable trend of growing gains in educational attainment and more equitable access to formal education since the beginning of the millennium, with impressive progress towards gender parity across all stages of education. Gross primary enrolment reached 100% in 2015, up from 89.8% in 1999 and gross tertiary enrollment increased by 72.2% between 1999 and 2015. Adult literacy rate also increased by 28.9% between 1999 and 2015.

The Arab region is one of the world’s richest regions in terms of oil and natural gas resources. According to recent estimates, 42% of the world proven oil reserves and 29% of the world’s proven natural gas reserves are located in the Arab region. Electricity production in the region relies heavily on conventional fuel sources, with a production amounting to 1,050 TWh in 2014, of which only 40 TWh were produced using renewable sources. The electrification rate in 15 Arab countries was above the World average of 85 percent in 2012, with 6 countries reaching 100 percent electrification rate.

By 2016, women made up 48.2% of the total Arab population and 21.7% of the total labor force in the region. With significant improvements made in health and education over the last 15 years, gender-based disparities continue in the labor markets and the political space remains the most challenging for women. 

The Arab region has made a clear progress in a number of health and health-related outcomes. The average life expectancy increased from 58.5 years in 1980 to 71 years in 2015. Child mortality has significantly decreased from an average of 131.9 per 1000 live births in 1980 to 36.8 per 1000 in 2015. 

The Arab countries share common labor market features and challenges. The labor force participation rate in the region is the lowest worldwide at 49.8% in 2016, with highest rates observed in the GCC countries. The unemployment rate in the Arab region remains one of the highest in the world registering 11.4% in 2016 compared to 5.8% worldwide. This rate is especially high among youth at 28.4% in 2016. 

Macroeconomic performance tends to diverge across the Arab countries between major oil and natural gas exporting countries and other countries in the region, such as those plagued by protracted crises. For the Arab region, as a whole, the GDP (Purchasing Power Parity, constant 2011 prices) leveled at Int$ 6,298 billion in 2015, constituting 5.6% of the world’s GDP.

The Arab region witnessed an improvement in its Human Development Index (HDI), from 0.613 in 2000 to 0.687 in 2015, but it remained below the world average of 0.717. Despite this positive overall trend in human development, poverty remains one of the paramount challenges and major impediments to inclusive development in the region, and that’s why “Ending poverty in all its forms everywhere” was considered a top priority in the 2030 Agenda for Sustainable Development.