The region will face tough economic challenges in the wake of continuing political turmoil, remarked an economist. Speaking at the 'Economist Road show' held yesterday at the Salwa Sabah Hall in Salmiya, Simon Williams Chief Economist, HSBC Middle East, forecasted that continuing political transition in the Arab world, (even without being affected by the current global slowdown), would pose a threat to regional growth and stability.
He suggested that West-led economic downturn is unlikely to trigger a repeat of 2008 slump in the Middle East and North Africa. "Exactly one year ago, during the same road show, [which HSBC organizes annually], we never knew that unprecedented political shift could happen in the Arab world," he told an audience comprising mostly bankers, economists and businessmen.
Now, we are witnessing political transition in Tunisia, Egypt and Libya and there are continuing struggles in some parts of the region. What lies ahead, we don't know yet, but I am sure there is no turning back to the old system, and that everyone is anxious because many of us do not know what lies ahead," he asserted.
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