Economy in Middle East !
The Middle East is currently in a bad situation – both economically and socially. Due to the revolution and the rise of militant groups, who were suppressed by the dictators and the regimes of countries like Egypt, Syria and others, the Middle East is now facing a severe situation with several enemies, fighting in an increasingly bloody civil war.
But how does this influence the economy of the country? Logically, it’s definitely not a positive influence on them. It’s destructive, devastating and rips apart economic structures. The gross revenues of many industries in the Middle East dropped, while the same industries increased in other part of the world. The best example is tourism. Tourism in Egypt, Syria of course and other countries in the Middle East is at an all-time low. While a few years ago, Egypt was full of tourists from all over the world, mainly Europe and USA though, the country pulled in billions of US-Dollars thanks to their attractions, monuments and their fancy hotels.
Nowadays, the situation in the tourism industry there is more than a mess. The amount of visitors dramatically dropped – and so did the prices. Many workers in hotels, etc. are now unemployed, as there’s not enough revenue there in order to keep them employed. Prices in hotels, restaurants and for example for taxis dropped at the very same time, so micro-companies, often led by one family without coworkers outside of the family, is now not only receiving barely 20% of the customers they used to receive, they also gain much less, as prices for hotels, etc. dropped for 40-70 percent. A development with devastating results, both for the economy and for the people. The situation will definitely only improve, if the countries finally stabilize again.
Author: Lukas – Austria