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James Flanigan, the excellent LA TIMES economics columnist, has some eye-opening things to say about the Mid-East economy. Some excerpts:
That the region is in desperate need of help is beyond question.The Arab countries of the Middle East contain 200 million people but not a single automobile assembly plant. Indeed, there is very little industry of any kind other than the oil-related complexes of the Persian Gulf area.
In many ways, the real story of the Middle East during the last three decades—or since the price of oil quadrupled in 1973—is that energy riches have not translated into any kind of true economic development.
Saudi Arabia is seen as a nation of wealth in many eyes, but its gross domestic product per citizen is only $6,900. Israel—with a far more modern, diverse economy—boasts a GDP per citizen of $16,300.
Trade among Middle East nations is practically stagnant—a strange fact of economic life in a place where haggling at the local souk is an art form.
The full text of the article is available at the LA TIMES site here.
please if may for you send our article about iran economy station in mid east.
thanks alot.