Arab Spring cost the region over $600bn in lost growth

The Arab Spring cost 614 billion dollars in lost growth to Arab countries, a new UN survey has found, according to The Telegraph. 

The report, the first of its kind by a major economic body, estimates that conflicts in the region between 2011 and 2015 led to a net loss of 613.8 billion dollars in economic activity, equivalent to 6 per cent of the region's GDP.

To reach the figure, the UN's Economic and Social Commission for Western Asia (ESCWA) used growth projections made before 2011. The calculation includes direct and indirect effects of the conflicts, including refugee arrivals and falls in tourism. 

The ESCWA also calculated that countries in conflict since 2011 and countries experiencing spill-over together have had a fiscal balance shortfall of 243.1 billion dollars, 217.9 billion dollars more than had been projected. 

"The economic and political uncertainty that has characterized the Arab region in the wake of the 2011 transitions and upheaval continues to restrain the region’s prospects for growth, job creation and stability," the ESCWA says in the survey.

Source: MENA