Economy of the Arab League

The Arab League is rich in resources, with enormous oil and natural gas reserves. The region's instability has not affected its tourism industry, which is considered the fastest growing sector in the region, with Egypt, the UAE, Lebanon, Saudi Arabia and Jordan leading the way. Another industry that is growing steadily in the Arab League is telecommunications. Within less than a decade, local companies such as Orascom and Etisalat have managed to successfully compete internationally as global power players.

Economic achievements among member states have been low in the League's history. Other smaller Arab organizations, such as the GCC, have achieved more than the League has. However, lately there has emerged several major economic projects that slated to be completed soon that appear promising. Of these, the Arab Gas Pipeline, a project which hopes to funnel Egyptian and Iraqi gas to Jordan, Syria and Lebanon, and then to Turkey and Europe, is scheduled to reach completion by the year 2010. The GAFTA free trade agreement is to be completed by the January 1, 2008, effectively rendering 95% of all Arab products free of customs tax.

The economic development in the Arab League exhibits a great diversity. There is a significant difference between, on the one hand, the rich oil states of the UAE, Qatar, Kuwait, and Saudi Arabia, and on the other hand, the poor countries like the Comoros, Mauritania and Djibouti. For instance, the GDP per capita of the wealthiest Arab country, Qatar at purchasing power parity, is 35 times higher than that of Djibouti.[1]

Free trade agreements

GDP and GDP per capita of member states

Based on latest figures and estimates, the Arab League has a total GDP of approximately Int$6.946 trillion (5.5% of the world) at purchasing power parity, or US$2.525 trillion (3.2% of the world) at nominal values. The member state with the highest total GDP is Saudi Arabia at Int$1.773 trillion (PPP),[2] or 683.8 billion in current US dollars (nominal).[3] Comoros has the lowest GDP at Int$1.33 billion (PPP), or US$659 million at nominal. The country with the highest GDP per capita is Qatar, at Int$124,927 (PPP),[1] or US$60,804 (nominal).[4] Yeman has the lowest, with a nominal GDP per capita of US$551 or $2300 (PPP). Therefore, Qatar's nominal GDP per capita is around 110 times as high as that of Yemen.

GDP (nominal) GDP (PPP) GDP / capita GDP / capita (PPP)
 Algeria 178,287,000,000 632,904,000,000 4,292 15,150
 Bahrain 34,895,000,000 69,922,000,000 24,029 51,846
 Comoros 659,000,000 1,329,000,000 788 1,560
 Djibouti 2,082,000,000 3,658,000,000 1,989 3,567
 Egypt 237,073,000,000 1,201,188,000,000 2,501 12,994
 Iraq 197,699,000,000 658,791,000,000 5,088 17,004
 Jordan 40,487,000,000 89,555,000,000 5,678 12,487
 Kuwait 120,351,000,000 309,640,000,000 27,319 69,669
 Lebanon 51,457,000,000 88,786,000,000 11,409 19,486
 Libya 31,331,000,000 87,067,000,000 4,859 9,792
 Mauritania 4,985,000,000 17,421,000,000 1,318 4,474
 Morocco 109,824,000,000 300,556,000,000 3,151 8,612
 Oman 74,274,000,000 189,582,000,000 17,973 45,464
 Palestine 14,498,000,000[5] 21,220,000,000 (2014 est.)[6] 5,275 4,300 (2014 est.)
 Qatar 166,326,000,000 347,887,000,000 60,804 124,927
 Saudi Arabia 683,827,000,000 1,773,551,000,000 21,120 55,263
 Somalia 7,382,000,000[7] 18,660,000,000[7] 669 1,691
 Sudan 58,239,000,000 186,715,000,000 1,428 4,580
 Syria 77,460,000,000 50,280,000,000 (2015 est.)[8] 4,296 2,900 (2015 est.)
 Tunisia 40,275,000,000 136,797,000,000 3,496 11,987
 United Arab Emirates 377,435,000,000 686,831,000,000 37,226 68,245
 Yemen 16,511,000,000 74,250,000,000 551 2,300
Total 2,525,357,000,000 6,946,590,000,000 11,148 24,923

List of country/organisation by GDP (PPP)

Country/Organisation GDP (nominal)GDP (PPP) GDP / capitaGDP / capita (PPP)
 World 79,865,481,000,000126,687,917,000,000 10,72816,779
 People's Republic of China 12,014,610,000,00023,159,107,000,000 8,64316,624
 European Union 17,308,862,000,00020,982,857,000,000 33,71542,459
 United States 19,390,600,000,00019,390,600,000,000 59,50159,495
 India 2,611,012,000,0009,459,002,000,000 1,9837,174
 Arab League 2,525,357,000,0006,946,590,000,000 11,14824,923
 Japan 4,872,135,000,0005,428,813,000,000 38,44042,659
 Germany 3,684,816,000,0004,170,790,000,000 44,55050,206

Notes

    References

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