п»їMacroeconomic Associated with the (2008-09) Global Financial Crisis for the Arab Countries AlaaIhsan Salloom
Research Scholar in the Section of Foreign Economy, Jilin University 2699, Qian Jin Da Jie, Changchun, S. R. China and tiawan
E-mail: [email protected] com
Mentor of Foreign Economics, University of Economics, Jilin University 2699, Qian Jin De uma Jie, Changchun, P. L. China
Email: [email protected] edu. cn
It is difficult to look for an economic system in the world that was not afflicted with the (2008-09) global financial crisis, even indirectly. Not any region has become able to defend itself through the impacts in the crisis, and Arab area is no exclusion. Arab Financial systems have been afflicted with the (2008-09) global financial crisis through extensive decline in control, sharp fluctuations in the olive oil market, and reductions in financial investment, remittances and other capital flows. The primary purpose from this paper is to explore the nature of the macroeconomic impacts of the (2008-09) global financial crisis on the Arabic countries, and clarifies weakness of Arab economies to external shock, and reveals key plan implications for the Arab governments to reduce the effects of the financial entree in the future.
Keywords: The (2008-09) global financial crisis, Macroeconomic Impacts, External Shocks, Arabic countries.
Despite economical crises aren't new phenomena, the (2008-09) global financial crisis differ from previous economical crises in consequences. The (2008-09) financial crisis has been described as the most severe global financial crisis have observed since the 1930s in the 1930s. Due to which it has brought on a serious global recessionin most developed countries and has damaged growth leads in producing countries, and it was the greatest financial damage in economic history. This kind of worldwide states led to a clear , crisp decline inside the demand of oil, meals, and other items. Although their happened several financial crises in the past however the economist still not recognize a lessons from them. " We all lived happily for a while вЂ” however, not for ever afterвЂќ. 1 The global financial crisis started with the financial distress of main financial institutions in the us in Sept 2008, that spread to theentire U. S. financial system and following that it began unfolding for the Europe, Asia and remaining portion of the world. Generally speaking, the current literature suffers from a scarcity of research around the macroeconomic effects of the (2008-09) global financial crisis for the Arab countries. Much has been written within the impact from the (2008-09) global financial crisis on America, Europe and Asia nevertheless only little on the Arab countries. This paper will try00 to take associated with the (2008-09) global financial crisis about economic functionality of Arab economies. Came from here comes the signification of this paper inside the necessity of offers a regional perspective on how the crisis are impacting ofmacroeconomic conditions for the Arabic countries, also to what exterior shocks influence on the Arab economies. The web raised by fact that Arab economies depend on primary items for export products. Indeed, the share of oil exports in total export products is about seventy five per cent to get the Arab region and several of the Arabic GCC countries more than 79 per cent of total export products. The pre-crisis Arab Financial Performance
Many Arab countries have performed fast monetary growth through the 2003вЂ“08 oil booms. Based on the IMF's Local Economic Perspective: the oil boom in Middle East and Central Asia, generated an increase in stores for Arab countries from 163. being unfaithful billion us dollars in 2002 to 198. 3 billion dollars the following yr, and which then reached 476 billion 5 years ago and 591. 1 billion in 3 years ago. And the wealth of the Arab oil countries estimated to have reached USD 1 . a few trillion in 2008. a couple of Between 06\ and 2008, annual GROSS DOMESTIC PRODUCT growth in real conditions reached 5. 9% for the Arab region all together (see Stand 1 . 1). In larger terms, local economic growth has been...