The restive state of the Arab world after the uprisings of the last 13 months means an uncertain economic future for many countries in MENA, the Middle East and North Africa.
The Beirut based UN Economic and Social Commission for Western Asia recently issued a report warning of a vast economic chasm opening up between countries that produce oil and those that don’t.
Asked about those countries where there have been uprisings, the deputy head of Lebanon’s Central Bank, Raed Charafeddine, told euronews: “Each one of these countries have encountered different prospects or different problems, because as you know none of these countries have similarities. Although they are all in the MENA region, or Arab region, but they have different political systems and different economies as well. This is why the economic impact in each one of these countries has been different.”
He added: “Not much investment is coming to these countries, not many tourists are coming to these countries. Because of these, the future remains uncertain for just about every other country.”
The UN report’s growth forecast for this year is bleak for those countries that do not have oil to sell and their economies will contract.
The authors said the region’s governments should focus on creating jobs and economic integration.