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Compare and contrast the total GDP of the Arab world - Essay Example

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Note: From the chart, it is clear that the 22 Arab League Members have a combined GDP (official exchange rate) of approximately US$ 2.310 trillion as of 2011 (Occupied Palestine’s 2008…
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Compare and contrast the total GDP of the Arab world The chart given below is prepared based on the information given by the CIA World Factbook. Note: From the chart, it is clear that the 22 Arab League Members have a combined GDP (official exchange rate) of approximately US$ 2.310 trillion as of 2011 (Occupied Palestine’s 2008 GDP has been taken for computation). It is also identified that members like Saudi Arabia, UAE, Qatar, Egypt, Kuwait, Algeria, and Iraq are the major contributors to this combined GDP.
Sl No.
Name of Arab League Members
GDP (official exchange rate)
in US$ billion
1
Algeria
$194.7
2
Bahrain
$25.45
3
Comoros
$0.6042
4
Djibouti
$1.219
5
Egypt
$231.9
6
Iraq
$112.4
7
Jordan
$28.42
8
Kuwait
$158.4
9
Lebanon
$38.41
10
Libya
$35.13
11
Mauritania
$4.131
12
Morocco
$97.69
13
Oman
$71.52
14
State of Palestine (Gaza Strip & West Bank)
$6.641
15
Qatar
$170.7
16
Saudi Arabia
$587.5
17
Somalia
$2.372
18
Sudan
$62.97
19
Syria
$64.7
20
Tunisia
$45.25
21
UAE
$336.5
22
Yemen
$33.22
Total
$2.3098272 trillion
(Source: The World Fact Book, Central Intelligence Agency)
Analysis
The GDP of Italy for the year 2011 was estimated to be $2.164 trillion, which is slightly less than the combined GDP ($2.310 trillion) of the Arab League members. In the case of France, the country’s GDP ($2.734 trillion) alone is greater than the combined GDP of Arab League members. In 2011, Germany’s GDP was estimated to be $3.55 trillion, which is $1.24 trillion greater than the total GDP of Arab League members. The Arab League members’ combined GDP is nearly half the GDP of Japan ($5.773 trillion) alone in the same year. It is interesting to note that Japan achieved this status despite the massive Tsunami attack on March 2011. Finally, the United States’ GDP is 6 times greater than the total GDP of Arab League members in 2011.
According to CIA World Factbook, total GDP of the occupied Palestine was estimated to be $6.641 billion in 2011. As compared to the GDP of Israel ($239.8 billion) in the same year, it seems that the combined GDP of Arab League members represents only 2.77% of the Israel GDP.
Summary
From the above compare and contrast analysis, it is clear that the combined GDP of 22 Arab League members is less than the GDP of economically developed countries like United States, Japan, Germany, and France. It must be noted that this combined GDP would be smaller if members like Saudi Arabia, UAE, and Egypt are taken away from the list. Countries like US, Japan, and Germany contribute to global economy far better than Arab League members do combinedly. As stated in the Arab League Investment and Business Giude despite the enormous oil and natural gas reserves, the Arab League’s economy greatly struggles to stabilize the region’s growth; and tourism sector is appeared to be one of the fastest growing industries in this area (14). Experts suggest that Arab League members have adequate key resources to enhance their GDP growth rate over the next decades. Finally, the GDP of the occupied Palestine (Gaza Strip and West Bank) constitutes only a small percent of the GDP of the Israel.
Works Cited
Arab League (League of Arab States) Investment and Business Guide. US: International Business Publications, 2007. Print.
The World Fact Book, Central Intelligence Agency. Web 31 Jan 2013 Read More
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