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Who gets what from Middle East oil - Essay Example

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United states of America, Germany, France, the United Kingdom and Japan have GDPS of 14093.31, 2904.557, 2121.724, 2178.205 and 4358.472 billion USD as per 2012 (The World…
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Who gets what from Middle East oil
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Who gets what from Middle East oil? The total GDP of the Arab Nations sums up to 2689.9 billion of USD according to the 2012 statistics. United states of America, Germany, France, the United Kingdom and Japan have GDPS of 14093.31, 2904.557, 2121.724, 2178.205 and 4358.472 billion USD as per 2012 (The World Factbook).Despite the oil business that occurs in the Arab world, they still cannot match the big western powers. As stated above, the GDP of all the countries in the Arab world combined is close to some of the figures mentioned above.
As per 2012, Israel had a registered GDP of 260.9 billion of USD while its neighbor Pakistan registered a GDP of 222.5 billion USD (The World Factbook). These figures would come to many as a shock. Many believe that the Middle Eastern countries would have a high GDP as compared to other Eastern powers because of their rich oil wells. Israel in particular relies on technology as a major export to boost its economy (Mankiw 59). The western countries rely on other produce including technology and electronics as major exports. While the westerners would need oil from the Arab world to run their factories, their dependence on oil is not large enough to move the Arab economy. In addition the Arab world experiences a lot of political turmoil that interferes with the economic growth. Despite the large funds that theses countries receive from oil export, instability prevent the countries from moving forward. Oil resource is one of the richest commodity in the world (Haseeb 12).

Works Cited
Haseeb, Khair El-Din. The Arabs and Africa (RLE: The Arab Nation). New York: Routledge, 2012. Print.
Mankiw, N. Brief Principles of Macroeconomics. New York: Cengage Learning, 2011. Print.
The World Factbook. n.d. 01 February 2014 . Print. Read More
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