Economy
All of the Arab states of the Persian Gulf have significant revenues from oil and gas and, with the exception of Saudi Arabia, have small local populations. This has raised their per capita incomes above those of neighboring countries. To meet the labor shortages, they host large numbers of temporary non-citizen economic migrants from South Asia and Southeast Asia. In the past there have also been a significant number of immigrants from Jordan, Syria, Lebanon, Yemen, and Egypt.
In addition, pearl diving and the pearl industry had been the main economic activity of many of these countries, particularly Bahrain, United Arab Emirates, Qatar, and Kuwait. The pearling industry collapsed in the 1930s after the development of cultured pearl methods by Japanese scientists.
Read more about this topic: Arab States Of The Persian Gulf
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“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 aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)