Why the Middle East

The Middle East expected economic growth rate is at about 4.1% for 2011 and 5.1% in 2012.The Middle East is a region that encompasses Western Asia and North Africa. It is often used as a synonym for Near East, in opposition to Far East. The corresponding adjective is Middle-Eastern and the derived noun is Middle-Easterner.

The history of the Middle East dates back to ancient times, and throughout its history, the Middle East has been a major centre of world affairs. When discussing ancient history, however, the term Near East is more commonly used. The Middle East is also the historical origin of major religions such as Zoroastrianism, Judaism, Christianity, and Islam. The Middle East generally has an arid and hot climate, with several major rivers providing for irrigation to support agriculture in limited areas. Many countries located around the Persian Gulf have large quantities of crude oil. In modern times the Middle East remains a strategically, economically, politically, culturally and religiously sensitive region.

Middle Eastern economies range from being very poor (such as Gaza and Yemen) to extremely wealthy nations (such as Qatar, UAE and Saudi Arabia). Overall, as of 2007[update], according to the CIA World Factbook, all nations in the Middle East are maintaining a positive rate of growth.

According to the World Bank's World Development Indicators database published on July 1, 2009, the three largest Middle Eastern economies in 2008 were Turkey ($ 794,228,000,000), Saudi Arabia ($ 467,601,000,000) and Iran ($ 385,143,000,000) in terms of Nominal GDP.[32] In regards to nominal GDP per capita, the highest ranking countries are Qatar ($93,204), the UAE ($55,028), Kuwait ($45,920) and Cyprus ($32,745).[33] Turkey ($ 1,028,897,000,000), Iran ($ 839,438,000,000) and Saudi Arabia ($ 589,531,000,000) had the largest economies in terms of GDP-PPP.[20] When it comes to per capita (PPP)-based income, the highest-ranking countries are Qatar ($86,008), Kuwait ($39,915), the UAE ($38,894), Bahrain ($34,662) and Cyprus ($29,853). The lowest-ranking country in the Middle East, in terms of per capita income (PPP), is the autonomous Palestinian Authority of Gaza and the West Bank ($1,100).

The economic structure of Middle Eastern nations are different in the sense that while some nations are heavily dependent on export of only oil and oil-related products (such as Saudi Arabia, the UAE and Kuwait), others have a highly diverse economic base (such as Cyprus, Israel, Turkey and Egypt). Industries of the Middle Eastern region include oil and oil-related products, agriculture, cotton, cattle, dairy, textiles, leather products, surgical instruments, defence equipment (guns, ammunition, tanks, submarines, fighter jets, UAVs, and missiles). Banking is also an important sector of the economies, especially in the case of UAE and Bahrain.



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