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FINANCIAL NEWS
Cost of Arab Spring exceeds USD55b
16 Oct 2011
(MENAFN) Geopolicity, the political risk consultancy, said that Arab countries that were hit by revolutions or the “Arab Spring”, mainly Libya and Syria, followed by Egypt, Tunisia, Bahrain and Yemen, lost more than USD55 billion, reported Arab News.
The firm, in its statistical analysis of International Monetary Fund (IMF) data, added that these countries lost USD20.6 billion of their gross domestic product (GDP) and public finances; whereas another USD35.5 billion were cut since revenues dropped and costs grew.
It also said that Libya was the most affected country amongst those nations, where economic activity across the country stopped at an estimated USD7.7 billion of GDP, recording more than 28 percent.
It is worth noting that due to higher oil prices and an increase in output, main oil producers, including the UAE, Saudi and Kuwait, managed to avoid major unrest and their GDP grew notably.
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