Two-and-a-half years of political unrest in the Middle East will have cost countries affected by the so-called Arab Spring some $800 billion by the end of the year, a new HSBC report has found.
But Qatar, the UAE and Saudi Arabia have much to gain as turmoil continues in Egypt, Libya, Bahrain, Syria, Jordan and Lebanon and Tunisia.
The Gulf countries not only stand out for their political stability and growing economies amid regional strife, but also are becoming key players in ensuring other nations get back on their feet, the report’s authors stated. According to Bloomberg:
“The economic slowdown has widened the wealth gap between the seven countries and Gulf Arab states, where a windfall from energy exports helped stimulate growth and allowed Saudi Arabia, the United Arab Emirates and Qatar to extend aid to countries like Egypt and Tunisia engulfed by Arab Spring protests.”
Despite the aid, a financial recovery in Egypt and other countries affected by political unrest continues to be difficult, as security and budget deficits continue to pose problems.
Credit: Photo by Nasser Nouri