Economic failure in the Middle East
DOI:
https://doi.org/10.13133/2037-3643/9864Keywords:
DevelopmentAbstract
We show how human and economic development has generally remained low among Middle Eastern oil-exporters, despite over three trillion dollars in oil revenues. Islam and religion have not contributed to the region's failure. Extensive mismanagement of oil wealth has fueled corruption, decelerated economic growth, and reduced economic freedom in oil-producing countries. Government inefficiency and barriers to trade have discouraged foreign investment and have further undermined growth. We follow with an explanation of the relative economic costs and impact of conflicts in the region, and conclude with a brief assessment of each oil exporter's current economic state and potential for future growth.
JEL Codes: O10, P40, P47
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