The rapidly deteriorating political situation in Syria will undoubtedly worsen the economic conditions in the Middle East and North Africa (MENA) region. Admittedly, the country’s GDP amounted to less than 3% of the total output of Arab countries in 2010 and it only produces 400,000 barrels of crude oil a day (0.5% of the world total). However, a prolonged (and indeed violent) political crisis in Syria will affect investment and tourism in the region overall, and add upward pressure on oil prices.
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