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Who gets what from Middle East Oil - Essay Example

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Who gets what from Middle East Oil

The GDP of Germany in 2012 was $3,401 billion; 1.26 times the total GDP of the Arab league. This therefore has made the country of Germany to rank as the fourth country in the compare and contrast analysis. Comparison of the GDP of France with the Arab league leads to this country attaining the fifth rank. GDP of France is $2,609 billion; 0.97 times the full amount of GDP of the Arab league. Italy GDP is taking the place of the ninth country in this review. It had a GDP of $2,014 billion; 0.75 times the overall GDP of the Arab league. GDP of India $1,826 billion made it attain the tenth place. India’s GDP was 0.68 times the total GDP of the Arab league.GDP of Israel in 2012 was 36.27 times as compared to occupied Palestine (West Bank and Gaza). This is because the nation of Israel has an advanced market economy; importing and exporting materials. Palestine has a sustained and moderate growth since 2008, due to its inability to access land and resources in Israel controlled areas, import and export restrictions, and a high cost capital structure.Contrary to the belief that Arab wealth is nothing but oil, tourism, telecommunications are making significant strides in the Arab world. Telecom companies like Etisalat and Orascom from the Middle East are successfully competing globally. It is commonly believed that the world’s oil-producing nations earn huge revenues from the sale of their oil. This is a stereotype as the revenue is earned primarily by the governments of most oil consuming countries

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(Hobbs, 228).

Summary

Arab league members comprise of 22 countries. The total GDP (official exchange rate) of the Arab league is US$ 2,696.556 billion. Comparison of USA GDP with the Arab league makes it top the GDP rank…
Who gets what from Middle East Oil
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