Arab states lost 50 percent in income, withdrew assets to compensate budget shortfalls

An Arab economic study said that in spite of the domination practiced by the petroleum sector on the activity of the main economic sectors in the Arab states for more than three decades, the Arab states could not make essential structural changes in the international petroleum market, and the drop in petroleum prices last year and at the beginning of the current year led to the loss of more than 50% of income.

Soleriman El-Monzeri, the economic advisor for the union of stock markets and the organizations of Arab finance market, said in a study titled "The future of petroleum markets and horizons of Arab economy" that most of the petroleum-exporting countries in OPEC are currently suffering from a deteriorated financial position and a chronic budget deficit as well as a deficit in balance of payments and foreign debts.