Economic growth in West Asia slowed down
dramatically, from 7.1 per cent in 2011 to 3.2 per
cent in 2012, a level that is expected to be maintained
in 2013. Weaker external demand, especially
from E urope, affected the entire region, but most
prominently Turkey, which saw its growth rate fall
sharply from around 9 per cent in 2010 and 2011 to
2.2 per cent in 2012, but it is expected to accelerate
towards 3.3 per cent in 2013. The Gulf Cooperation
Council (GCC) countries maintained large public
spending programmes to bolster domestic demand
and growth, despite scaling back their oil production
during the last quarter of 2012 to support oil prices.
Finally, the civil war in the Syrian Arab Republic not
only greatly affected that country but continued to
heighten perceptions of risk with regard to neighbouring
countries, which resulted in subdued investment,
tourism and trade in Jordan and L ebanon.