Okaz: Arab GNP decline by USD 100 billion annually

The secretary general of the Arab economic unity council Ahmad Jweili stressed yesterday that the Arab economy has been exposed to a frightening and strong shock because of the American military occupation of Iraq.

In an interview to the Saudi daily Okaz, issued yesterday, Jweili said that the Arab GNP is expected to loose almost USD 100 billion annually especially if oil price recedes to USD 15 for each oil barrel, according to the American plan which aims at pumping 3 million barrel of oil daily and as a result the oil producing countries will suffer deficit in their budgets.

He indicated that other sectors will be directly affected by the results of the war against Iraq, especially the sectors of tourism.

Concerning Iraq, Jweili said that Iraq is demanded to pay USD 800 billions as cost of the war, rebuilding the country, which means it has become a political and economic hostage for at least 15 years to pay this bill.

He explained that this sum includes the costs of the war, the Iraqi debts and compensations and rebuilding, noting that just one American company signed a contract at USD 680 million to draw a study on the blueprint of re-building in Iraq.

He stressed that Iraq which occupies the third rank (in the Arab states) regarding a strong economy will loose for several years a big portion of its GNP estimated at USD 85 billion annually.