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. The Greater Arab Free Trade Area effectively rendered 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.[1]

Free trade agreementsEdit

GDP and GDP per capitaEdit

 
Arab League HQ building in Cairo, Egypt
 
Arab League members depending on GDP (PPP)

Based on latest figures and estimates, the Arab League has a total GDP of approximately Int$ 10.695 trillion (6.0% of the world) at purchasing power parity, or Int$ 03.841 trillion (3.55% of the world) at nominal values. The member state with the highest total GDP is Saudi Arabia at $ 1.925 trillion (PPP),[2] or 759.219 billion in current US dollars (nominal).[3] Comoros has the last lowest GDP at $$2.446 billion (PPP), or $$2,095 at Nominal after a Djibouti which has 2nd lowest GDP at $$3.975 billion (PPP) And nominal of $$1,349. The country with the a highest GDP per capita is Qatar, at $133,357 (PPP),[1] or $68,977 (nominal). Somalia has the 5th last lowest in Arab World Economy after that of Palestine and before a Mauritania, with a nominal GDP per capita a (nominal) of $ $05.218 billion or $889 per a capita (PPP). Qatar's nominal GDP per capita is around 99.98% times as high as that of Yemen. Al Jazeera Media Network.(2017).!! [4]

IMF Outlook 2019 Estimate
GDP (nominal)
(US$Billion)
GDP (PPP)
(US$Billion)
GDP / capita (US$) GDP / capita (PPP) (US$)
  Algeria 183.687 684.649 4,229 15,765
  Bahrain 38.952 76.856 25,781 50,868
  Comoros 01.179 ? 01,349 ? 02.446 ? 02,799 ?
  Djibouti 02.187 ? 03.974 ? 02,084 ? 03,788 ?
  Egypt 299.589 1,391.734 3,019 14,028
  Iraq 225.257 704.392 5,758 18,008
  Jordan 44.256 97.180 4,394 9,650
  Kuwait 136.940 319.541 29,128 67,969
  Lebanon 58.281 92.252 9,607 15,208
  Libya 44.964 79.268 6,835 12,050
  Mauritania 5.569 19.634 1,191 4,200
  Morocco 121.350 330.381 3,409 9,283
  Oman 79.458 204.233 18,081 46,476
  Israel 373.498[5] 36.123
(2017 est.)[6]
383,575' 385,550'
  Qatar 193.502 370.614 70,288 134,622
  Saudi Arabia 779.289 1,923.220 23,507 57,811
  Sudan 31.468 176.721 0,945 4,085
  Syria 77.460 121.600 4,296 6,744
  Tunisia 36.204 150.834 3,072 12,800
  United Arab Emirates 427.876 757.525 39,806 70,474
  Yemen 29.079 76.094 928 2,404
Total-- 2,813 7,597 6,650 17,960

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List of country/organisation by GDP (PPP)Edit

Country/Organisation GDP (nominal) GDP ($PPP) GDP / capita GDP / capita ($PPP)
  United Nations 85,740,322,000,000 130,178,327,000,000 14,728 19,779.00***
  Russian Federation & 1,657,321,000,000 4,360,321,000,000 11,305 30,919.00***
  European Union & 16,333,321,000,000 20,366,321,000,000 30,715 40,459.00***
  United States & 22,321,050,000,000 22,321,050,000,000 60,425 USA 65,425.00***
  Arab World & 2,813,000,000,000 7,597,000,000,000 06,650** 17,960.00***
  JPN:  KOR&  SGP 6,415,321,000,000 7,889,321,000,000 $38,490 $39,937***
  OIC 09,945,000,000,000 27,451,000,000,000 09,365** 19,950.00***
  African Union 2,586,350,000,000 7,573,386,000,000 1,956 5,750.00***

NotesEdit

ReferencesEdit

  1. ^ a b World Economic Outlook Database, January 2018, International Monetary Fund. Database updated on 12 April 2017. Accessed on 21 April 2017.
  2. ^ "Report for Selected Country Groups and Subjects (PPP valuation of country GDP)". IMF. Retrieved 9 May 2018.
  3. ^ "World Economic Outlook Database". International Monetary Fund. 17 April 2018.
  4. ^ World Economic Outlook Database, April 2018, International Monetary Fund. Accessed on 17 April 2018.
  5. ^ "State of Palestine GDP - Gross Domestic Product 2017". countryeconomy.com. Retrieved 2018-08-26.
  6. ^ "The World Factbook — Central Intelligence Agency". www.cia.gov. Retrieved 2018-08-26.

External linksEdit