Economy of the Arab League
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The economy of the Arab League is the economy of the member states of the Arab League. The economy has traditionally been dependent on exports of oil and natural gas; however, the tourism sector has grown rapidly, becoming the fastest-growing sector in the region. The Greater Arab Free Trade Area, founded in 1997, is the league's free trade area which removed customs taxes on 65% of trade between counties in the Arab World.
Members of the Arab League are among the richest and poorest of the world, and there is a great disparity in the economic development of members of the league. There is a significant difference imbalance in wealth between the Gulf states, which include Qatar, the United Arab Emirates, Saudi Arabia and war-torn nations within the “Arab league States”, such as Somalia, Sudan and Yemen.
Free trade agreements
[edit]GDP and GDP per capita of member states
[edit] >$70,000 $60,000 - $70,000 $50,000 – $60,000 $40,000 – $50,000 | $30,000 – $40,000 $20,000 – $30,000 $10,000 – $20,000 $5,000 – $10,000 | $2,500 – $5,000 $1,000 – $2,500 <$1,000 No data |
Based on latest figures and estimates, the Arab League has a GDP of approximately US$3.5 trillion at nominal values and $8.4 trillion at purchasing power parity (PPP). The member states with the largest nominal GDP are Saudi Arabia at US$1.07 trillion, followed by the UAE at $509.18 billion and Egypt at $389.4 billion. The member states with the highest GDP (PPP) are Saudi Arabia at US$2.25 trillion, followed by Egypt at $1.81 trillion and the UAE at $895.17 billion.
The member state with the smallest nominal GDP is Comoros at US$1.36 billion, followed by the Djibouti at $3.87 billion and Mauritania at $10.36 billion. The member state with the smallest GDP (PPP) is Comoros at US$3.43 billion, followed by the Djibouti at $7.19 billion and Somalia at $32.08 billion.[1][2]
The member state with the highest nominal GDP per capita is Qatar at US$81,968.34, followed by the UAE at $50,602.33 and Saudi Arabia at $32,586.17. The member state with the highest GDP (PPP) per capita is Qatar at US$114,210.45, followed by the UAE at $88,961.77 and Saudi Arabia at $68,452.85. The member state with the lowest nominal GDP per capita is Sudan at US$533.85, followed by the Yemen at $617.67 and Somalia at $717.41. The member state with the lowest GDP (PPP) per capita is Somalia at $1998.47, followed by the Yemen at $2053.45 and Comoros at $3463.63.[3][4]
List
[edit]Country/Territory | GDP (nominal, billions) | GDP (PPP, billions) | GDP per capita (nominal) | GDP per capita (PPP).: | Year.: |
---|---|---|---|---|---|
Arab League | 3,946.06 | 8,986.20 | 7,594.48 | 18,965.73 | (2023; est.:) |
Algeria.[6] | 224.11” | 628.99” | 4,874.71’ | 13,681.62” | (2020; est.:) |
Bahrain | 44.99” | 95.97” | 28,464.17” | 60,715.02” | (2021; est.:) |
Comoros | 1.36” | 3.43” | 1,377.02” | 3,463.63” | (2019; est.:) |
Djibouti | 3.87” | 7.19” | 3,761.24” | 6,985.11” | (2016; est.:) |
Egypt.[7] | 398.45” | 1,809.43” | 3,770.13” | 17,123.03” | (2023; est.:) |
Jordan | 50.02” | 132.09” | 4,850.66” | 12,809.17” | (2021; est.:) |
Iraq | 254.98” | 508.97” | 5,882.89” | 11,742.40” | (2020; est.:) |
Syria | 60.043” | 136.36” | 2,806.69” | 6,374.06” | (2019; est.:) |
Morocco | 147.34” | 385.34” | 3,979.87” | 10,408.31” | (2021; est.:) |
Qatar | 235.57” | 328.13” | 81,968.34” | 114,210.45” | (2023; est.:) |
Saudi Arabia.[8] | 1,106.46” | 2,246.54” | 32,586.15’ | 68,452.85” | (2021; est.:) |
Somalia | 11.52” | 32.08” | 717.41” | 1,998.57” | (2017; *est.:) |
Sudan | 25.57” | 172.65” | 533.85” | 3,604.78” | (2019; est.:) |
Mauritania | 10.36” | 33.41” | 2,337.91” | 7,542.41” | (2020; est.:) |
Libya | 40.19” | 166.89” | 5,872.22” | 24,381.73” | (2020; est.:) |
Kuwait | 159.69” | 256.59” | 32,215.13” | 51,764.83” | (2023; est.:) |
Lebanon | 21.78” | 78.23” | 3,283.41” | 11,793.82” | (2022; est.:) |
Tunisia | 51.271” | 162.10” | 4,190.60” | 13,248.95” | (2020; est.:) |
Oman | 108.28” | 200.30” | 21,265.63” | 39,336.14” | (2023; est.:) |
Palestine | 18.11”[citation needed] | 36.39’ | 3,464.38”[citation needed] | 6,642.34” | (2021; *est.:) |
United Arab Emirates | 509.18” | 895.17” | 50,602.33’ | 88,961.77” | (2023; est.:) |
Yemen | 21.15” | 69.96” | 617.67” | 2,131.45” | (2020; est.:) |
Arab League | 3,946.07 | 8,986.21 | 7,594.49 | 18,965.75 | (2025; est.:) |
References
[edit]- ^ "World Economic Outlook, April 2022: War Sets Back The Global Recovery". IMF. Retrieved 2022-05-16.
- ^ "Arab world - GDP by country 2022". Statista. Retrieved 2024-02-01.
- ^ "Pressure on Egypt's economy mounts after downgrade". Al Jazeera. Retrieved 2024-02-01.
- ^ "These Are The 5 Largest Arab Economies In 2021, Led By Saudi Arabia". Forbes ME. Retrieved 2024-02-01.
- ^ "World Economic Outlook Database". World Economic Outlook. IMF. October 2023. Retrieved 1 February 2024.
- ^ "Here Are the Richest Countries in the MENA Region 2021".
- ^ "There are 19 Arab Countries spread throughout the Middle East and Northern Africa".
- ^ Suneson, Grant (7 July 2019). "These are the 25 richest countries in the world". USA Today. Retrieved 21 December 2023.
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