The GDP Comparison of the Arab Nations and the Developed Countries - Essay Example

The estimated GDP for Israel as of 2012 was $254 billion whereas that for Palestine was at a paltry $6.641 billion (CIA).
The GDP comparison of the Arab nations and the developed countries broken down above helps to deinstitutionalize the myth that the Arab world possesses a stronger economy as a result of having large reserves of oil. The sum totals of all the Arab league nations’ GDP only serve to march that of France and the United Kingdom (Noland & Pack 152). Even when combined together, the GDP of Arab league nations’ still falls below the individual GDPs of Germany, Japan, and the United States.

These figures serve to show that the Arab world economy world is not as strong as it gets thought to be when compared to the economies of developed nations. A majority of the Arab league nations’ heavily rely on oil as their major source of GDP and export. Their economies thus are less diversified as they largely depend on oil when compared to the economies of developed countries such as the US, Germany, Japan, France, and the UK (Tucker 526). There is a need for the countries that fall in the Arab world to diversify their economies so as to raise the level of their GDP to a competitive level against the developed nations. Read More