Credit Libanais bank in Beirut
Beirut – Riad Shouman
A research report released by Credit Libanais bank puts losses suffered by Lebanon during the so-called Arab Spring revolutions at $6.03 billion
The report also states that economic loss in Tunisia reached $9.23bn, with losses in Yemen estimated at $1.15bn, Libya $62.36bn and Syria $19.3bn.
Credit Libanais researchers said that although Lebanon did not witness an uprising, events in Syria had an adverse impact on its struggling economy.
Lebanon's tourism sector suffered the most, with the real estate sector also bearing the brunt of disturbances in the region. The value of properties dropped between 2011 and 2013.?
The over-reliance on the services sector, more than 60 percent, forced international institutions to revise their expectations of economic growth in Lebanon.
Credit Libanais said based on its scientific analysis, Lebanon's Gross Domestic Product (GDP) declined by 3.3 percent in real economic develoment since 2011.
The economic cost of the Arab Spring revolutions, $??6.03bn between 2011 and 2013, is ?approximately 20.21 percent of the real GDP in 2013.