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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 agreements

GDP and GDP per capita of member states

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$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),[2] or 759.219 billion in current US dollars (nominal).[3] 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),[1] or US$68,977 (nominal).[4] 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.

IMF Outlook 2019 Estimate
GDP (nominal)
(US$billion)
GDP (PPP)
(US$billion)
GDP / capita GDP / capita (PPP)
 Algeria 183.687 684.649 4,229 15,765
 Bahrain 38.952 76.856 25,781 50,868
 Comoros 0.726 1.450 832 1,662
 Djibouti 2.392 4.313 2,218 3,999
 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
 Palestine 14.498[5] 21.220 (2014 est.)[6] 5,275 7,722
 Qatar 193.502 370.614 70,288 134,622
 Saudi Arabia 762.259 1,924.253 22,507 56,817
 Somalia 7.903 22.285 744 1,863
 Sudan 31.468 176.721 728 4,088
 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 76.094 918 2,404
Total $2.821 trillion $7.627 trillion $11,914 $25,759

List of country/organisation by GDP (PPP)

Country/Organisation GDP (nominal) GDP (PPP) GDP / capita GDP / capita (PPP)
World 84,740,322,000,000 135,178,327,000,000 10,728 16,779
 People's Republic of China 13,407,398,000,000 25,270,077,000,000 8,643 16,624
 European Union 18,750,052,000,000 22,023,147,000,000 33,715 42,459
 United States 20,494,050,000,000 20,494,050,000,000 59,501 59,495
 India 2,716,746,000,000 10,505,282,000,000 1,983 7,174
 Arab League 2,821,670,518,849 7,627,029,700,000 11,914 25,759
 Japan 4,971,929,000,000 5,594,453,000,000 38,440 42,659
 Germany 4,000,386,000,000 4,356,350,000,000 44,550 50,206

Notes

References

  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 links


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