Economy of Persian Gulf - Essay Example

ECONOMY OF PERSIAN GULF I do agree with the first post. There are numerous changes that need to take place for the growth of trade to be experienced in the private and public sector. As you stated, globalization will help in enabling the changes to take place. Globalization creates a link between the nations of the world. This link is made possible by the continuously emerging forms of communication. The internet has greatly contributed to this and technology as a whole1. Globalization creates diversity for consumers to choose.

Countries will not experience scarcity of products, as they will receive them from countries that produce them in abundance. The developing countries gain by getting technological machines that are important in the production from developed countries. The developed countries also acquire raw materials that they use in production. There should be a change in policies2. The Persian Gulf has experienced economic stagnation due to insecurity in the region. The Middle East countries need to ensure investors that their investment is safe.

A policy that deters Iran from acquiring and developing nuclear weapons should be established. I do agree with the second post. The Middle Eastern states have been over reliant on oil. Changes in demand, supply and pricing in oil negatively affected the economy in that region. It has made it particularly difficult to make economic plans. The total revenue, which is as a result of oil, keeps on fluctuating. However, oil has provided a lot of advantages as it contributes to the revenue of the states, and it is a source of employment for many of their citizens.

The citizens get some form of income from the state directly contributed to oil. Diversification will create stability in the economy of the Persian Gulf3. The citizens need to consider other income contributors. The region has relatively poor soils that make it hard to practice agriculture. There is also a shortage of rains in the region. Practicing irrigation can be practiced to boost agriculture. There are many tourist attraction sites in the region. The region can take advantage of this and invest in the tourism industry.

Jordan has gained a lot in medical tourism; this can be experienced all over. Finance and energy production are some other economic contributors that the region can consider. Bibliography Forest, James J. F., and Matthew V. Sousa. Oil and Terrorism in the New Gulf: Framing U.S. Energy and Security Policies for the Gulf of Guinea. Lanham, [Md.]: Lexington Books, a division of Rowman & Littlefield Pub. Inc., 2007.