Middle Eastern economies range from being very poor to extremely wealthy nations

MIDDLE EAST

The Middle East is a transcontinental region in Afro-Eurasia which generally includes Western Asia.

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Most Middle Eastern countries (13 out of 18) are part of the Arab world. The most populous countries in the region are Egypt, Iran, and Turkey, while Saudi Arabia is the largest Middle Eastern country by area. The history of the Middle East dates back to ancient times, with the geopolitical importance of the region being recognized for millennia.

Several major religions have their origins in the Middle East, including Judaism, Christianity, and Islam. Arabs constitute the majority ethnic group in the region, followed by Turks, Persians, Kurds, Azeris, Copts, Jews, Assyrians, Iraqi Turkmen, and Greek Cypriots.

┬áThe broader concept of the “Greater Middle East” also includes the┬áMaghreb,┬áSudan,┬áDjibouti,┬áSomalia, the┬áComoros,┬áAfghanistan,┬áPakistan, and sometimes┬áTranscaucasia┬áand┬áCentral Asia into the region.┬á

The Middle East generally has a hot, arid climate, with several major rivers providing irrigation to support agriculture in limited areas such as the Nile Delta in Egypt, the Tigris and Euphrates watersheds of Mesopotamia, and most of what is known as the Fertile Crescent. Most of the countries that border the Persian Gulf have vast reserves of crude oil, with monarchs of the Arabian Peninsula in particular benefiting economically from petroleum exports. Because of the arid climate and heavy reliance on the fossil fuel industry, the Middle East is both a heavy contributor to climate change and a region expected to be severely negatively impacted by it.

United Arab Emirates

The UAE has developed from a juxtaposition of Bedouin tribes to one of the world’s most wealthy states in only about 50 years.

Economic growth has been impressive and steady throughout the history of this young confederation of emirates with brief periods of recessions only, e.g. in the global financial and economic crisis years 2008ÔÇô09, and a couple of more mixed years starting in 2015 and persisting until 2019.

Saudi Arabia

As of October 2018, Saudi Arabia is the largest economy in the Middle East and the 18th largest in the world. Saudi Arabia has the world’s second-largest proven petroleum reserves and the country is the largest exporter of petroleum. It also has the fifth-largest proven natural gas reserves.

Saudi Arabia is considered an “energy superpower”. It has the third highest total estimated value of natural resources, valued at US$34.4 trillion in 2016. Saudi Arabia’s command economy is petroleum-based; roughly 63% of budget revenues and 67% of export earnings come from the oil industry.

Saudi Arabia

Economy of middle east

According to the World Bank’s World Development Indicators database published on July 1, 2009, the three largest Middle Eastern economies in 2008 were Turkey ($794,228), Saudi Arabia ($467,601) and Iran ($385,143) in terms of Nominal GDP. Regarding nominal GDP per capita, the highest ranking countries are Qatar ($93,204), the UAE ($55,028), Kuwait ($45,920) and Cyprus ($32,745). Turkey ($1,028,897), Iran ($839,438) and Saudi Arabia ($589,531) had the largest economies in terms of GDP-PPP.[46] When it comes to per capita (PPP)-based income, the highest-ranking countries are Qatar ($86,008), Kuwait ($39,915), the UAE ($38,894), Bahrain ($34,662) and Cyprus ($29,853). The lowest-ranking country in the Middle East, in terms of per capita income (PPP), is the autonomous Palestinian Authority of Gaza and the West Bank ($1,100).

The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products (such as Saudi Arabia, the UAE and Kuwait), others have a highly diverse economic base (such as Cyprus, Israel, Turkey and Egypt). Industries of the Middle Eastern region include oil and oil-related products, agriculture, cotton, cattle, dairy, textiles, leather products, surgical instruments, defence equipment (guns, ammunition, tanks, submarines, fighter jets, UAVs, and missiles). Banking is also an important sector of the economies, especially in the case of UAE and Bahrain.

2004-present

Unemployment is notably high in the Middle East and North Africa region, particularly among young people aged 15ÔÇô29, a demographic representing 30% of the region’s total population.

Future

In recent years, countries such as the UAE, Bahrain, and Jordan have begun attracting greater numbers of tourists because of improving tourist facilities and the relaxing of tourism-related restrictive policies.

Economic development

Wealth

The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products.