The Arab world amidst the global financial crisis of 2008-2009

  • Sharma S
  • 8


    Mendeley users who have this article in their library.
  • 0


    Citations of this article.


When the problems in the United States housing sector mushroomed into a global financial crisis by September 2008, it was assumed that Arab countries would remain immune: the oil-rich Gulf Cooperation Council (GCC) countries because of their massive financial reserves, and the resource-poor countries because of their limited linkages to the global economic system - in particular, the global financial markets. However, this assumption has proven to be false. The US subprime mortgage collapse not only pushed the advanced economies into recession, but also it shattered global economic confidence, resulting in a massive financial contagion around the world. What explains the Arab World's vulnerability to the crisis? How has the crisis impacted both the resource rich and the resource poor? How have Arab countries responded to the crisis, and what must they do to insulate their economies better from the vagaries of global financial markets? This paper addresses these questions. © 2010 The Centre for Arab Unity Studies.

Author-supplied keywords

  • Arab World
  • Financial crisis
  • Gulf Cooperation Council (GCC)
  • Sovereign wealth funds
  • The United Arab Emirates (UAE)

Get free article suggestions today

Mendeley saves you time finding and organizing research

Sign up here
Already have an account ?Sign in

Find this document


  • Shalendra D. Sharma

Cite this document

Choose a citation style from the tabs below

Save time finding and organizing research with Mendeley

Sign up for free