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

Arab League HQ building in Cairo, Egypt
Arab League members depending on GDP (PPP)

Based on latest figures and estimates, the Arab League has a total GDP of approximately Int$7.695 trillion (6.0% of the world) at purchasing power parity, or US$2.841 trillion (3.55% of the world) at nominal values. The member state with the highest total GDP is Saudi Arabia at Int$1.921 trillion (PPP),[2] or 759.219 billion in current US dollars (nominal).[3] Comoros has the lowest GDP at Int$1.45 billion (PPP), or US$781 million at nominal. The country with the highest GDP per capita is Qatar, at Int$133,357 (PPP),[1] or US$68,977 (nominal).[4] Yeman has the lowest, with a nominal GDP per capita of US$551 or $1,494 (PPP). Therefore, Qatar's nominal GDP per capita is around 125 times as high as that of Yemen.

IMF Outlook 2019 Estimate
GDP (nominal) GDP (PPP) GDP / capita GDP / capita (PPP)
 Algeria 208,773,400,000 700,012,100,000 4,845 16,246
 Bahrain 39,703,100,000 77,590,000,000 26,277 51,354
 Comoros 781,300,900 1,457,000,000 894 1,669
 Djibouti 2,380,300,000 4,321,500,000 2,207 4,006
 Egypt 263,868,117,949 1,393,484,100,000 2,659 14,045
 Iraq 233,402,400,000 744,723,400,000 5,709 18,216
 Jordan 44,794,500,000 98,001,000,000 6,011 13,151
 Kuwait 140,146,300,000 320,338,000,000 30,109 68,822
 Lebanon 56,379,400,000 94,661,000,000 11,775 19,987
 Libya 46,923,000,000 79,417,000,000 7,133 12,073
 Mauritania 5,540,500,000 19,342,000,000 1,365 4,765
 Morocco 129,033,000,000 334,532,700,000 3,625 9,400
 Oman 85,636,500,000 207,342,000,000 19,487 47,183
 Palestine 14,498,000,000[5] 21,220,000,000 (2014 est.)[6] 5,275 7,722
 Qatar 193,906,000,000 374,891,000,000 68,977 133,357
 Saudi Arabia 759,219,500,000 1,921,484,000,000 22,538 57,041
 Somalia 8,210,000,000 20,560,000,000 744 1,863
 Sudan 43,160,800,000 209,751,000,000 992 4,724
 Syria 77,460,000,000 121,600,000,000 4,296 6,744
 Tunisia 41,956,700,000 149,094,000,000 3,568 12,682
 United Arab Emirates 427,830,200,000 753,966,900,000 39,802 70,143
 Yemen 17,452,500,000 47,304,000,000 551 1,494
Total 2,841,055,518,849 7,695,092,700,000 12,219 26,213

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 2,841,055,518,8497,695,092,700,000 12,21926,213
 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

    1. 1 2 World Economic Outlook Database, January 2018, International Monetary Fund. Database updated on 12 April 2017. Accessed on 21 April 2017.
    2. ↑ "Report for Selected Country Groups and Subjects (PPP valuation of country GDP)". IMF. Retrieved 9 May 2018.
    3. ↑ "World Economic Outlook Database". International Monetary Fund. 17 April 2018.
    4. ↑ World Economic Outlook Database, April 2018, International Monetary Fund. Accessed on 17 April 2018.
    5. ↑ "State of Palestine GDP - Gross Domestic Product 2017". countryeconomy.com. Retrieved 2018-08-26.
    6. ↑ "The World Factbook — Central Intelligence Agency". www.cia.gov. Retrieved 2018-08-26.
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