Credit Libanais: Lebanon Amid The Arab Spring (Jul-13)

The Arab Spring has been touted by many as one of the landmarks of the twenty first century. For decades, many Arab countries have been governed by oppressive leaders, restricting civil liberties and harnessing the resources of the economy to their own benefits, building up as such the momentum for a sentiment of resent and dissatisfaction among citizens. The first spark of the Arab Spring started in Tunisia, and then spread rapidly to other Arab economies, toppling age-long regimes via a domino effect whilst stirring civil wars in other neighboring countries. The Arab Spring, however, and which is still raging nowadays, has come at a catastrophic cost, whether on the human front, claiming tens of thousands of lives, or on the economic front, sending economies into shambles. More specifically, and according to our (Credit Libanais Economic Research Unit) estimates, real GDP losses have amounted to $9.23 billion in Tunisia, $1.15 billion in Yemen, $62.26 billion in Libya and $19.3 billion in Syria. In the case of Egypt, however, it could not be determined whether the losses, and which were not significant relative to GDP in the first place, were a result of the Arab Spring or a simple shift in the economic cycle.

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