Economy of the Arab League
The Arab League is rich in resources, with enormous oil and natural gas reserves. The region's instability has not affected its tourism industry, which is considered the fastest growing sector in the region, with Egypt, the United Arab Emirates, Lebanon, Saudi Arabia and Jordan leading the way. Another industry that is growing steadily in the Arab League is telecommunications. Within less than a decade, local companies such as Orascom and Etisalat have managed to successfully compete internationally as global power players.
Economic achievements among member states have been low in the League's history. Other smaller Arab organizations, such as the GCC, have achieved more than the League has. However, lately there has emerged several major economic projects that slated to be completed soon that appear promising. Of these, the Arab Gas Pipeline, a project which hopes to funnel Egyptian and Iraqi gas to Jordan, Syria and Lebanon, and then to Turkey and Europe, is scheduled to reach completion by the year 2010. The GAFTA free trade agreement is to be completed by the January 1, 2008, effectively rendering 95% of all Arab products free of customs tax.
The economic development in the Arab League exhibits a great diversity. There is a significant difference between, on the one hand, the rich oil states of the United Arab Emirates, Qatar, Kuwait, and Saudi Arabia, and on the other hand, the poor countries like the Comoros, Mauritania and Djibouti. For instance, the GDP per capita of the wealthiest Arab country, Qatar at purchasing power parity, is 35 times higher than that of Djibouti.
Free trade agreementsEdit
GDP and GDP per capita of member statesEdit
Based on latest figures and estimates, the Arab League has a total GDP of approximately Int$7.695 trillion (6.0% of the world) at purchasing power parity, or US$2.841 trillion (3.55% of the world) at nominal values. The member state with the highest total GDP is Saudi Arabia at Int$1.921 trillion (PPP), or 759.219 billion in current US dollars (nominal). Comoros has the lowest GDP at Int$1.45 billion (PPP), or US$781 million at nominal. The country with the highest GDP per capita is Qatar, at Int$133,357 (PPP), or US$68,977 (nominal). Yemen has the lowest, with a nominal GDP per capita of US$551 or $1,494 (PPP). Therefore, Qatar's nominal GDP per capita is around 125 times as high as that of Yemen.
|GDP / capita||GDP / capita (PPP)|
|Palestine||14.498||21.220 (2014 est.)||5,275||7,722|
|United Arab Emirates||427.876||757.525||39,806||70,474|
|Total||$2.821 trillion||$7.627 trillion||$11,914||$25,759|
List of country/organisation by GDP (PPP)Edit
|Country/Organisation||GDP (nominal)||GDP (PPP)||GDP / capita||GDP / capita (PPP)|
|People's Republic of China||13,407,398,000,000||25,270,077,000,000||8,643||16,624|
- World Economic Outlook Database, January 2018, International Monetary Fund. Database updated on 12 April 2017. Accessed on 21 April 2017.
- "Report for Selected Country Groups and Subjects (PPP valuation of country GDP)". IMF. Retrieved 9 May 2018.
- "World Economic Outlook Database". International Monetary Fund. 17 April 2018.
- World Economic Outlook Database, April 2018, International Monetary Fund. Accessed on 17 April 2018.
- "State of Palestine GDP - Gross Domestic Product 2017". countryeconomy.com. Retrieved 2018-08-26.
- "The World Factbook — Central Intelligence Agency". www.cia.gov. Retrieved 2018-08-26.