Global meltdown: the Arab repercussions
- Rami G. Khouri. Daily Star. Wednesday, October 08, 2008
- Photo: Roshnii Rose. Amman skyline.
As the scale of the global financial crisis becomes clearer and its repercussions are felt in every corner of the world, the extent to which entire societies will suffer will depend partly on the quality of their governance systems. Those countries with governments that enjoy the respect and confidence of their citizens are likely to weather the stresses more easily than countries where politicians are viewed with disdain.
I suspect the Middle East, and its Arab countries in particular, will be hard hit by the crisis, for several reasons. The main one is that during the past 35 years since the oil boom of the early 1970s, most Arab countries have not risen to the challenge of responsible governance by developing economies based on productive industries and other economic sectors.