The Economy of the Middle East is very diverse. Composed of Bahrain, Cyprus, Gaza Strip,Egypt, Iran, Iraq, Iraqi Kurdistan, Israel, Jordan, Kuwait, Lebanon, Northern Cyprus, Oman, State of Palestine, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, and Yemen the individual economies range from hydrocarbon exporting rentier economies to government led socialist economies to free market economies.
Collectively, the region is best known for producing and exporting oil. The oil industry does significantly impact the entire region, both through the wealth that it generates and through the movement of labor. Most of the countries in the region have undertaken efforts to diversify their economies in recent years, however. In the report, Science-Metrix says the number of scientific publications listed in the Web of Science database shows that the standard growth in the Middle East, particularly in Iran and Turkey, is nearly four times faster than the world average.
Read more about Economy Of The Middle East: Statistics
Famous quotes containing the words economy of, economy, middle and/or east:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“The middle years are ones in which children increasingly face conflicts on their own,... One of the truths to be faced by parents during this period is that they cannot do the work of living and relating for their children. They can be sounding boards and they can probe with the children the consequences of alternative actions.”
—Dorothy H. Cohen (20th century)
“The East Wind, an interloper in the dominions of Westerly Weather, is an impassive-faced tyrant with a sharp poniard held behind his back for a treacherous stab.”
—Joseph Conrad (1857–1924)