Economy of the Middle East

The Economy of the Middle East is very diverse, composed of Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Sudan, Syria, Turkey, United Arab Emirates, and Yemen. The individual economies range from hydrocarbon exporting rentier economies to government led socialist economies to free market economies.

Collectively, the region is best known for producing and exporting oil. The oil industry significantly impacts the entire region, both through the wealth that it generates and through the movement of labor. Most of the countries in the region have undertaken efforts to diversify their economies in recent years, however. In the report, Science-Metrix says the number of scientific publications listed in the Web of Science database shows that the standard growth in the Middle East, particularly in Iran and Turkey, is nearly four times faster than the world.

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An International Monetary Fund analysis of growth determinants indicates that greater integration with international markets could provide a substantial boost to income and gross domestic product (GDP) growth.

According to Bayt.com Middle East Consumer Confidence Index, March 2015: While close to a quarter (24%) of respondents believe that their country’s economy has improved relative to the past 6 months, over one third (35%) think it has gotten worse. Those in Syria were the most negative about their country’s economy with 83% of them thinking it has receded as compared to 6 months prior.

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