The economic consequences of the Iraqi crisis on the Mashreq countries

This article examines the economic consequences of the Iraqi crisis on the Mashreq countries. The first part analyses the economic fruits reaped by these countries from the Iraqi crisis through a sharp increase in both the scale of trade with Iraq and oil revenues. The second part deals with the effects of the end of Saddam Hussein's regime on the economies of these countries with regard to developments in the oil industry, including production, revenues and plans for future production capacity, as well as the economic effects on the non-oil Mashreq countries. The final part examines the economic opportunities that could be created by these countries through the recovery of the Iraqi economy. The main conclusion of the article is that while the UN sanctions imposed on Saddam Hussein's Iraq provided substantial economic benefits for both the oil and non-oil Mashreq economies, the end of Saddam Hussein's regime continued to benefit the oil economies as oil prices increased, but at the same time caused severe economic hardships for the non-oil Mashreq countries.