Bank chief warns of economic stagnation caused by aid to transitioning Arab states | The National:
"Emergency aid packages from Arabian Gulf states to new democracies created by the Arab Spring are impeding market reforms and could cause economic development to founder, the European Bank for Reconstruction and Development (EBRD) has warned.
The bank said funding for “unsustainable” subsidy regimes was among factors contributing to a stagnation of growth in living standards, which could take several decades to recover from, in countries transitioning to democracy.
The bank, established by the European Union after the collapse of the Soviet Union to assist new democracies towards economic development, says many of those countries and their Middle Eastern neighbours are at risk of slipping as reforms stagnate."
'via Blog this'
No comments:
Post a Comment