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The Arab Uprisings and the International Oil Markets

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The wave of uprisings that began in Tunisia in January 2011 and then spread to all parts of the Arab world was a defining period for the region and the world. The wave of uprisings that began in Tunisia in January 2011 and then spread to all parts of the Arab world was a defining period for the region and the world. The sweeping pro-democracy rebellions in the region highlighted the kleptocratic nature of many Arab regimes whose behaviour effectively undermined economic progress in countries where private-sector activity struggled to survive. Unemployment and inflation were both sky-rocketing along with international food prices, while standards of living declined. With over 38% of the Arab populations of 280 million in 2000 below the age of 15, the aspirations of an increasing number of young people were being thwarted (UNDP, 2002).

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WALL STREET JOURNAL

U.S. Bureau of Economic Analysis