Economic Development in the Middle East

Economic Development in the Middle East

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Despite its oil resources, the Middle East is falling behind other regions of the developing world, notably the countries of East and South-East Asia. This work examines the economic prospects for the region, considering: the consequences of rapid population growth, including the implications for education and employment; low savings levels; the absence of significant inflows of private capital and foreign investment; fragmentation of the banking system; the basic ecomomic infrastructure and the problems caused by excessive military expenditure; falling oil prices; and budget deficits. Alternative economic directions for the region are examined, and it is argued that both the methods and goals of development have to be reassessed in a region where Islam prevails.

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Product details

  • Hardback | 232 pages
  • 161.5 x 240.8 x 18.3mm | 447.88g
  • Taylor & Francis Ltd
  • ROUTLEDGE
  • London, United Kingdom
  • English
  • 1
  • 0415125537
  • 9780415125536
  • 1,430,114

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Despite its oil resources, the Middle East is falling behind other regions of the developing world, notably the countries of South East Asia. Here, Rodney Wilson examines the economic indicators for the region. The book considers the economic consequences of rapid population growth, including the implications for education and employment; low savings levels, the absence of significant private capital inflows and foreign investment; fragmentation in the banking system and insignificant bond markets; basic infrastructure and excessive military expenditure; trade, falling oil prices and budget deficits. The author considers alternative economic directions for the region and looks particularly at the positive aspects of the Iranian experience. He stresses that both the goals of development and the methods used to promote development have to be reassessed for a region where an Islamic value system prevails. Ultimately, development solutions which respect Muslim values may have more chance of success than those simply imported from the West.

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