The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF). The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on any of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.
The economy of Saudi Arabia is the second-largest in the Middle East and the seventeenth-largest in the world. The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.
The gross world product (GWP), also known as gross world income (GWI), is the combined gross national income of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP). According to the World Bank, the 2013 nominal GWP was approximately 75.59 trillion United States dollars. In 2017, according to the CIA's World Factbook, the GWP was around $80.27 trillion in nominal terms and totaled approximately 127.8 trillion international dollars in terms of purchasing power parity (PPP). The per capita PPP GWP in 2017 was approximately 17,500 international dollars according to the World Factbook. According to the World Bank, the 2020 GWP in current dollars was approximately $84.705 trillion.
The Arab world, formally the Arab homeland, also known as the Arab nation, the Arabsphere, or the Arab states, comprises a large group of countries, mainly located in Western Asia and Northern Africa. While the majority of people in the Arab world are ethnically Arab, there are also significant populations of other ethnic groups such as Berbers, Kurds, Somalis and Nubians, among other groups. Arabic is used as the lingua franca throughout the Arab world.
The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council, is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The council's main headquarters is located in Riyadh, the capital of Saudi Arabia. The Charter of the GCC was signed on 25 May 1981, formally establishing the institution.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
The economy of Asia comprises about 4.7 billion people living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.
The Middle East and North Africa (MENA), also referred to as West Asia and North Africa (WANA) or South West Asia and North Africa (SWANA), is a geographic region which comprises the Middle East and North Africa together. However, it is widely considered to be a more defined and apolitical alternative to the concept of the Greater Middle East, which comprises the bulk of the Muslim world. The region has no standardized definition and groupings may vary, but the term typically includes countries like Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, the UAE, and Yemen.
The Arab states of the Persian Gulf or the Arab Gulf states refers to a group of Arab states bordering the Persian Gulf. There are seven member states of the Arab League in the region: Bahrain, Kuwait, Iraq, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Yemen is bound to the six countries of the Gulf Cooperation Council, based on history and culture.
The economy of Somaliland largely relies on primary production and agriculture, where livestock is the main export of the country, which it ships to neighbouring Djibouti and Ethiopia, as well as to Gulf states, such as UAE, Saudi Arabia and Oman. Somaliland has a GDP per capita of $1061 and a gross domestic product GDP of $6,583,000,000 as of 2024, most of which it receives in remittances from Somalis working abroad. The COVID-19 pandemic has restricted Somaliland's trade flows with decreased demand in the agriculture sector, a significant source of tax revenue.
The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.
The Arab Parliament is the legislative body of the Arab League. At the 19th Arab League Summit in Amman, the Arab states agreed to create an Arab Parliament, and came up with a resolution to give Amr Moussa the Secretary-General of the Arab League the power to start and create the Parliament.
The economy of the Organisation of Islamic Cooperation (OIC) combines the economies of 56* member states. 49* are predominantly Muslim states. As of 2013, the combined GDP (nominal) of 48* Muslim majority countries was US$ 12.97 trillion. As of 2016, they contributed 8% of the world's total. Those 57* OIC countries have a combined GDP of US$ 23.948trillion. The largest economic country based on total PPP and Nominal GDP is Indonesia. The richest country on the basis of GDP per capita at PPP is Qatar, with incomes exceeding $133,357 per capita. On the basis of per capita GDP, Qatar is also the richest country, with incomes exceeding US$68,977 per capita. According to a report by Salam Standard, the GDP impact of the world’s Muslim tourism sector exceeded $138 billion in 2015, generating 4.3 million jobs and contributing more than $18 billion in tax revenue.
The Arab League or League of Arab States was founded by Egypt in 1945, has 22 members and seven observer members so far: Armenia, Brazil, Chad, Eritrea, Greece, Republic of India, Venezuela.
Energy in the Middle East describes energy and electricity production, consumption and import in the Middle East. Energy policy of the Middle East will describe the politics of the Middle East related to energy more in detail.
The Federation of Arab News Agencies (FANA), a branch of the Arab League, is a membership organization for Arabic-language, national news agencies, currently of 18 or 19 members and established in 1975 in Beirut, Lebanon.
