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FINANCIAL NEWS
Arab 2012 GDP to contract by 25% on political unrest
11 Sep 2011
(MENAFN) Arab League’s assistant secretary general for economic affairs, Mohammed Al Tuwaijri, said that next year, Arab economies could contract by around 25 percent due to the political unrest that hit the region, reported Emirates 24/7.
Al Tuwaijri added that the political turmoil in the Middle East and North Africa (MENA) region along with the European debt crisis and the US economic troubles would make 2012 one of the worst periods that would face the Arab countries.
He also said that due to a decline in exports and tourism, a slowdown in capital flow and a disruption in oil supplies, a number of Arab countries that witnessed political unrest, including Egypt, Yemen, Libya, Tunisia and Syria, went through economic instabilities.
It is worth noting that Al Tuwaijri expects oil prices to fall the coming year which will affect oil producing countries in the Gulf.
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