Last week, Gallup released results of their global Economic Confidence Index, which showed that while global economic confidence was up– buoyed by Asia– economic confidence in the Middle East/North Africa had plummeted . The only exception was Morocco. According to the release:
Both the current conditions and future outlook components of the Economic Confidence Index reveal economic insecurity in the region last year. When asked about the current conditions of their respective country’s economy, one in five (20%) residents of the MENA region said economic conditions were “excellent” or “good,” compared with nearly half (46%) of those in the region who said conditions were “poor.” This resulted in a net current conditions score of -26.
Residents of the MENA region were even glummer about the future of their economies. Less than a quarter (23%) said conditions were improving, while more than half (56%) said they were getting worse, resulting in a net economic outlook score of -33.
Lebanon (-71) and Egypt (-70) had the lowest economic confidence ratings in the MENA region, followed by Syria (-54) and the Palestinian Territories (-51). Morocco (+20) was the only country in the region to come out positive on the index. [Emphasis added.]