Aer Macchi C.200
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22. , p. vii. , p. 35. 33 SURVEY OF ECONOMIC AND SOCIAL DEVELOPMENTS IN THE ESCWA REGION 2006-2007 It is especially important to note the expansion of this sector given that it responds both to the resource endowments of the countries of the GCC and to the opportunity opened by the decline in profitability of the petrochemical industries of the United States of America, EU and Japan. In response to these pull and push factors, production has tended to shift towards the GCC, where production capacity has expanded strongly in recent years.
Particular attention is given to the widely varying impacts on the two subregions of ESCWA, namely, the countries of the GCC and MDEs. 11 In addition, it highlights the warning signs that have recently emerged in some economies in the region with the aim of raising awareness, thereby encouraging member countries to reap the full benefits of the current oil price boom. A. 12 By early 2002, prices had doubled, and they continued to rise strongly albeit relatively smoothly. While benchmark oil prices reached a peak level of $75/b in mid-2006, they declined by approximately 20 per cent to a range of $50-60/b until January 2007, and bounced back during the first quarter of 2007 to some $65/b.
Among countries that peg their national currency to United States dollars, Jordan has faced less pressure to revaluate its national currency. Gradual devaluation in terms of NEER has taken place both in Lebanon and the Syrian Arab Republic, which experienced the appreciation in REER owing to rapid domestic inflation. Yemen’s NEER continued to depreciate as a result of the gradual devaluation of its national currency against the dollar, while its REER appreciated consistently owing to the chronically high inflation of that country.