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The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa

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The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa

IMF,

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The economic consequences of the violence that has displaced millions of people are widespread and severe.

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Recommendation

The economic and financial consequences of the violence that has torn apart the social fabric of some countries in the Middle East and North Africa (MENA) are widespread and severe. Countries in the midst of active conflict have seen their GDPs fall, foreign investments decline and basic services suffer. In addition, the greatest refugee crisis since World War II accompanies other economic spillovers in neighboring nations and in Europe. As this sobering report from the International Monetary Fund portrays, these problems are likely to haunt MENA for many years. getAbstract recommends this somber analysis to anyone interested in the economic impacts of political instability and violence.

Summary

Conflicts in the Middle East and North Africa (MENA) have had devastating economic impacts within the region, and surrounding areas are also taking a fiscal hit as refugees pour in. For example, Syria’s GDP more than halved between 2010 and 2015. Libya’s output dropped by 24% in 2014, while Yemen’s fell by 25%–35% in 2015. War has depressed exchange rates and generated high inflation: The Syrian pound is worth just 10% of its 2010 value, and consumer prices climbed 300% between March 2011 and May 2015. The longer strife endures, the more severe the economic consequences: Since 1995, the West Bank...

About the Authors

Björn Rother et al. are economists at the International Monetary Fund.

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