Arab Spring✊ cost 💰Middle East economies 💲614bn

  |   World News

The so-called Arab Spring of 2011 has cost the region's economies an estimated $614bn of growth because of governmental changes, continuing conflict and falling oil prices, according to a UN agency.

The figure from the UN Economic and Social Commission for Western Asia (ESCWA), equivalent to six percent of GDP up to the end of last year, is based on growth projections made before the revolutions started.

Oil prices began to slide in mid-2014 and fell to 13-year lows this January, hitting producer countries such as Saudi Arabia, and others including Lebanon that rely heavily on remittances from citizens working in Arab Gulf states.

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