Head of the Association of Lebanese Banks Joseph Torbey speaks during a conference in Beirut, Tuesday, Dec. 23, 2014. (The Daily Star/Mohammad Azakir)
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Economic recovery in the Arab countries will be difficult to achieve amid the raging wars and conflicts in some states, Joseph Torbey, the president of the World Union of Arab Bankers, told participants at a conference in Amman.Citing some figures released by the World Bank, Torbey said that the cost of the "so-called Arab Spring" has exceeded $834 billion over the past six years.Torbey said these conflicts had caused the displacement of more than 14 million people. Of course this also requires stable political environment that protects society and preserves civil liberties," Torbey said.He also touched on the role of Arab banks in shaping the economies of the region. However, Torbey said liquidity in Arab banks could diminish in light of expected slow growth in deposits and fall in asset quality.
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