Visitors look at the artwork of Kader Attia - Arab Spring, 2014 - during the press preview day at ART Basel on June 16, 2015 in Basel, Switzerland. (Photo : Getty Images/Michele Tantussi)
A new study conducted by the United Nations has the Arab Spring has cost the Arab countries a whopping $614 billion in terms of growth so far. The economic and political uncertainty in the Arab region following the 2011 transitions and turmoil still continues to holds back the growth, job creation and stability in the region, the report said.
In its report, the United Nation's Economic and Social Commission for Western Asia suggests that the Arab countries lost $613.8 billion in economic development, roughly 6% of the region's GDP, between the period 2011 and 2015. The findings of the survey are based on the growth projections prior to the beginning of the upheaval in 2011.
The ESWCA report stated that economic expansion continues to be stalled in the region, with unrelentingly low global oil prices, which have augmented the regional economy's burden. At the same, the upheaval has constrained the growth as well as fiscal balances the countries, which had striking performances, thanks to huge oil exports.
The estimation takes into account the direct as well as indirect impact of the conflicts, which also includes the desperate journeys by the refugees and the decline in tourism in the region. The ESCWA survey found that ever since the beginning of the conflict in 2011, countries facing upheaval as well as those experiencing refugee influxes have together suffered $243.1 billion fiscal balance shortfall -- $217 billion more than the projected figure.
According to ESWCA, though there has been some advancement on social indicators, for instance gender representativeness, countries affected by political changeovers and conflict has moved back on various socio-economic indicators. The organization said that it will use the data from the 2015-2016 survey to assess the consequences of instability and conflict, and deal with the foregone growth and productivity in addition to the destructive effects during this period.
The Arab Spring dates back to December 2010, when Mohamed Bouazizi, 26, set himself on fire following the confiscation of his vegetable cart by a Tunisia official. The official also slapped him and spat in his face.
This incident brought to the fore people's frustrations over poverty, injustice and insatiability of the ruling elites. Consequently, people took to the streets to vent their anger, but their protests were subdued brutally, The Telegraph reported. The events in Tunisia sparked unrest in the neighboring regions, including Egypt, Syria, Libya and Yemen and is collectively referred to as the Arab Spring.
Watch what led to the Arab Spring:
