The wealth of the Arab world - Essay Example

World is made up of countries that have a varied economic wealth. The wealth of a nation is determined by the purchasing power of the country (Central Intelligence Agency). The purchasing power comes from the income that is derived from exports. Most of the worlds’ nations strive a lot to foreign income from exports. They thus specialize in the production of various commodities that can fetch a better price in the world market. These commodities range from agricultural commodities to others such as mining, tourism and service provision.

The Arab league is a constituent of 22 countries mainly from Asia and Africa (Central Intelligence Agency). The Arab world is so much endowed with the natural resources such as petroleum (Central Intelligence Agency). Qatar, United Arab Emirates and Saudi Arabia are among the world largest petroleum oil producers (Central Intelligence Agency). Given the importance of energy in production, the total earnings of these countries usually grows high annually. Their Gross Domestic Product GDP is, therefore, high with Qatar having the highest GDP per capita of US$ 102 100 (Central Intelligence Agency).

Saudi Arabia and the United Arabs Emirates also enjoy a high GDP per capita of US$ 31 300 and US$ 29 000 respectively. The mining sector accounts for an average of about 40% of the total GDP in the Arab countries (Central Intelligence Agency). However, the Arab league has been harbored by various challenges that have lagged their economic development. Political instability has been a greater challenge in many of these nations. Arab countries affected by political instability include Syria, Egypt, Tunisia, Libya and Somalia among others.

The political pressure and terrorist activities have greatly reduced the production of the country. Iraq and Afghanistan have also experienced a lot of war especially from the external forces such as the western countries. For these countries to continue enjoying their economic progression, peace will be an essential instrument. Works Cited Central Intelligence Agency. "The World Fact Book." n.d. cia.gov. https://www.cia.gov/library/publications/the-world-factbook/index.html. 10 June 2014.