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Report: Cost Of Arab Spring $55B

The popular uprisings in a number of Arab countries have cost $55 billion while the oil-producing countries were the biggest beneficiaries as a result of the rise in the price of crude.

According to a report prepared for the International Monetary Fund, two countries, Libya and Syria suffered the most followed by Egypt, Tunisia, Bahrain and Yemen. These countries have seen their GDP decline by $20.6 billion coupled with an erosion of their public finance in the tune of $35.3 billion coupled with the rise in costs.

Libya was the most affected as a result of the loss of $7.7 billion in oil revenues, or 28% of GDP. In Egypt, nine months of turmoil caused the erosion of 4.2% of GDP while expenditures have risen by $5.5 billion and general revenues declined by $75 million.

It is too early to estimate the cost of political turmoil on the Syrian economy. Initial estimates suggest losses of $6 billion or 4.5% of GDP.

In Yemen and Tunisia, GDP declined by 6.3% and 5.2%, respectively.

Source: alarabonline.org , October 15, 2011

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