Business News
"Arab Spring" economies lose 75 billion dollars, says official
Dec 31, 2011, 8:10 GMT
Riyadh- Economies of the Arab countries, hit by political upheavals, have lost a total of 75 billion dollars in 2011, Mohammed al-Tiweijri, a senior Arab League official, said in remarks published Saturday.
'This figure can further rise as businesses continue to be idle, foreign investors are leaving and strikes increase,' al-Tiweijri, the assistant head of the Arab League for economic affairs, told the Saudi business newspaper Al Iqtisadiya.
Popular uprisings, referred to as Arab Spring, have swept over the Arab region since late 2010, leading so far to the overthrow of the autocrats of Tunisia, Egypt and Libya.
Al-Tiweijri said it was unlikely for the Arab economies, mainly in the 'Arab Spring' countries, to grow in 2012.
'They are still unstable and investment-unfriendly. It will take their economies a long time to be back on the right track,' he added.
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