The Arab Spring unleashed massive, region-wide political turmoil, unseated longtime strongmen and it’s still playing out. But what did it all cost?
A lot, according to a new report from the bank HSBC:
“Nearly three years on, the economic and human cost of the Arab Spring continues to mount. In the post revolution states, the impact is obvious: we estimate the value of lost output will top USD800bn by the end of next year. In the [Gulf Cooperation Council], it is more indirect — increased dependence on energy revenues, rising break even oil prices, and a stalled reform programme. For both groups, it will be hard to reverse.”
The bank looked at seven states most affected by the Arab Spring: Egypt, Tunisia, Libya, Syria, Jordan, Lebanon and Bahrain. It said gross domestic product for those countries will be 35 percent lower at the end of 2014 than if there had been no Arab Spring.
Read more about the Arab Spring and the cost of change here