Middle East biggest loser in case there is war

Fetch Rating Corporation said the economies of the Middle East will suffer heavy losses in case of war against Iraq.

It said in a report released in London yesterday that Egypt will sustain losses ranging from $ 6 to 8 billion as a result of a decline in tourism and export revenues.

The report added that the volume of the area's losses will depend on the scope and period of the war which is expected to skyrocket the oil prices in a way that will undermine economies of importers like Jordan, Israel and Lebanon.

The report expected a huge refugees influx and political and security instability in Iraq's neighbouring countries. It warned against a growing feeling of enmity by Arabs against US.