The Government and the Economic Market of Middle East Coursework (Coursework Sample)

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The Government and the Economic Market of Middle East
The government and the economic market of the Middle East are significantly diverse. It is composed of various countries such as Bahrain, Qatar, Kuwait, and Saudi Arabia among others. However, the particular economies range from oil exporting, to socialist economies led by the government, to free market economies. The area is famous for production and exportation of oil (Niblock and Monica 12). In the countries mentioned above, the oil industry substantially impacts the whole region, not only through the generation of wealth but also through the labor movement. These countries have, therefore, undertaken efforts to modernize and diversify their respective economies in contemporary years.
Currently, Qatar enjoys the highest per capita gross domestic product in the region. It majorly derives its wealth from the exploitation of natural gas reserves (Niblock and Monica 18). The revenue obtained from the hydrogen industries has been used to establish a rentier economy. Additionally, it has developed a large per capita autonomous wealth fund making the government find it unnecessary to diversify its economy. On the other hand, Saudi Arabia has almost a quarter of known oil reserves globally, making it the largest rentier economy internationally (Breton 25). Since nearly half of its population is composed of individuals less than 15 years of age, the government has accelerated investment in infrastructure and education to alleviate the high unemployment rate. The government has put made plans to establish economic cities so as to diversify its economy. On the other hand, Kuwait boasts of a free economy (Breton 29). Most of its GDP is obtained from business services, retail trade, transport, construction, and financial institutions. The Kuwait government has used most of its revenues in investment and in maintaining a sizable autonomous wealth fund as part of the diversification strategy.