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Economy of the Arab League

 

Economy of the Arab League

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Arab League
Flag 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 UAE, 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 UAE, 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 and the wealthiest in the world, Qatar, is 73 times higher than that of Mauritania.[1]

Contents

  • Free trade agreements 1
  • List of member states by GDP (PPP) 2
  • References 3
  • External links 4

Free trade agreements

List of member states by GDP (PPP)

Arab League HQ building in Cairo, Egypt
Arab League members depending on the GDP PPP
This following table lists the gross domestic product (GDP) of the Arab League and its member states based on purchasing power parity (PPP) and measured in US dollars. If not indicated otherwise, the figures are based on the 2012 data published by the International Monetary Fund.[2]
Country GDP (PPP) US$B GDP (PPP) US$ per capita
 Arab League 3,192.41 7,981
 Saudi Arabia 741 31,275
 Egypt 538 6,545
 Algeria 274.5 7,477
 United Arab Emirates 271 49,012
 Qatar 189 102,211
 Morocco 171 5,265
 Kuwait 166 39,889
 Iraq 230 7,200
 Syria 105 5,041
 Tunisia 104.4 9,775
 Oman 91 29,166
 Libya 88 12,066
 Sudan 80.4 2,545
 Lebanon 63.7 15,757
 Yemen 57.8 2,283
 Jordan 38.7 6,042
 Bahrain 32.4 28,744
 Palestine 8.8 2,900
 Mauritania 7.6 2,122
 Somalia 5.86 547
 Djibouti 2.38 2,677
 Comoros 0.87 1,258
Country/Organization GDP (PPP) US$B GDP (PPP) US$ per capita
 World 82,762 11,975
 European Union 16,073 32,021
 United States 15,653 49,922
 People's Republic of China 12,383 9,162
 India 4,711 3,830
 Japan 4,617 36,266
 Germany 3,194 39,028
 Arab League 3,192 7,981

Notes:

^a The IMF source does not provide data for the compound Arab League. The total GDP figure has been calculated as the sum of the GDPs of the member states. The per capita value is derived on the basis of the population stated in the infobox.
^b The IMF source does not provide data for this country. The reported figures are taken from a 2007 estimate of the CIA published in the CIA factbook.[3] For Palestine, a 2006 estimate was retrieved from the same source which is published as "West Bank (includes Gaza Strip)".

References

  1. ^ "The Arab World Competitiveness Report 2007". World Economic Forum. 2007. 
  2. ^ "Report for Selected Countries and Subjects". World Economic Outlook Database.  
  3. ^ "Field Listing - GDP (purchasing power parity)". The world factbook.  

External links

  • http://www.arableagueonline.org/las/arabic/details_ar.jsp?art_id=124&level_id=110
  • http://www.amf.org.ae/venglish/
  • Full text of the Agadir Agreement (English version)
  • by Steffen WippelThe Agadir Agreement and Open regionalism
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