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.
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