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Economic Crisis has cost the Arabs $2.5 trillion

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Economic Crisis has cost the Arabs $2.5 trillion

Unread postby dukey » Sun 18 Jan 2009, 17:37:25

$this->bbcode_second_pass_quote('', 'T')he global economic crisis has cost Arab countries $2,500bn (£1,690bn) in the last four months alone, according to Kuwait's foreign minister.
Sheikh Mohammed al-Sabah told reporters in Kuwait City that oil-rich Gulf Arab states had postponed or cancelled 60% of development projects.
bbc news
Last edited by Ferretlover on Sat 21 Mar 2009, 18:26:18, edited 1 time in total.
Reason: Moved to Open forum.
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Re: Economic Crisis has cost the Arabs $2.5 trillion

Unread postby Armageddon » Sun 18 Jan 2009, 19:51:22

Let's bail them out too. Come on Obama
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Re: Economic Crisis has cost the Arabs $2.5 trillion

Unread postby ROCKMAN » Sun 18 Jan 2009, 22:25:02

Nor am I crying any tears for the princes. OTOH, we're all connected at the hip. The importers saved trillions but at the expense of economic down turn and job loss in the consuming countries. I still think the wild west attitude here regarding credit is the primary reason for the bust but the oil price spike did contribute towards the end.

And now a lot of oil/NG projects will be suspended which can only magnify PO. And let's not forget stability: this money has financed efforts to keep the natives calm. Start shorting their dole and we might begin seeing a swell in internal strife which might only add to our vunerability.
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