Sustainable growth for the Middle Eastern economy appears practically impossible under current conditions and simply normalizing the regional economy has become a global challenge. Countries seized by conflict live according to the “laws of a war economy,” with non-state military bureaucratic structures the key participants.
Other Arab countries have begun economic reforms, but a lack of external financing and continuing social and political instability at home have made it difficult to fully implement them.
GCC states are also now experiencing serious financial difficulties. However, the agreement to reduce oil production – reached in 2016 with the participation of Saudi Arabia and Russia – offers some hope for overcoming those challenges.
Although the global demand for oil is rising and the Middle East will continue to supply a major portion of that oil despite the “shale revolution,” the economic future of the region and its place in the world economy remain unclear.
ME-2017. The Middle Eastern Economy: Kick-Starting Growth valday ps-320 | |
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| News & Politics | Upload TimePublished on 14 Mar 2017 |
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