A study of economic growth and development in the economic and social commission for Western Asia (ESCWA) countries

Purpose - The purpose of this paper is to attempt to highlight some issues in the development process of the economic and social commission for Western Asia (ESCWA) countries. The question that may arise here is whether these countries can translate the different policies of trade as well as their potential and comparative advantage and their internal policies, into something more robust and helpful to promote growth and development. Design/methodology/approach - The paper describes the role of foreign direct investment, gross capital formation, manufacturing and agriculture value added, and assesses their impact on the economy in the ESCWA countries. Findings - If foreign direct investment and capital formation are essential components to growth and development, their role cannot be fully persistent if not purposeful. Also the economic structure of these developing economies show some reluctance to growth and development, a fact that promotes clarifying the process of shifting from primary to industrial sectors in order to promote growth and development. Originality/value - Using a regression analysis of the factors that can promote growth, the findings of this study highlight the importance of liberalization and openness to outside countries in order to have faster growth, improve the productivity and the (GDP)/per capita in the different sectors of the economies of the ESCWA region.