Arab bankers painted a sobering picture of the economic results of political upheaval in their region at a conference in Rome, saying tourism has plunged and capital flight is on the rise.
Capital flight is running into the hundreds of millions of dollars (euros) per week and budget stability is under pressure as governments are forced to increase subsidies and salaries to keep social stability, they said.
But participants at the International Arab Banking Summit held this past week said they were hopeful in the long-term as long as the regions leaders move quickly to enact economic reforms that will help small businesses, boost trade and create jobs.
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