The economy of the Arab League is the economy of the member states of the Arab League. The economy has traditionally been dependent on exports of oil and natural gas; however, the tourism sector has grown rapidly, becoming the fastest-growing sector in the region. The Greater Arab Free Trade Area, founded in 1997, is the league's free trade area which removed customs taxes on 65% of trade between counties in the Arab World.
Members of the Arab League are among the richest and poorest of the world, and there is a great disparity in the economic development of members of the league. There is a significant difference imbalance in wealth between the Gulf states, which include Qatar, the United Arab Emirates, Saudi Arabia and war-torn nations within the league, such as Somalia, Sudan and Yemen.
Free trade agreements
editGDP and GDP per capita of member states
edit
_per_capita_map_of_the_Arab_League_(October_2023_IMF_data).svg)
| >$70,000 $60,000 - $70,000 $50,000 – $60,000 $40,000 – $50,000 | $30,000 – $40,000 $20,000 – $30,000 $10,000 – $20,000 $5,000 – $10,000 | $2,500 – $5,000 $1,000 – $2,500 <$1,000 No data |
Based on latest figures and estimates, the Arab League has a GDP of approximately US$3.5 trillion at nominal values and $8.4 trillion at purchasing power parity (PPP). The member states with the largest nominal GDP are Saudi Arabia at US$1.07 trillion, followed by the UAE at $509.18 billion and Egypt at $389.4 billion. The member states with the highest GDP (PPP) are Saudi Arabia at US$2.25 trillion, followed by Egypt at $1.81 trillion and the UAE at $895.17 billion.
The member state with the smallest nominal GDP is Comoros at US$1.36 billion, followed by the Djibouti at $3.87 billion and Mauritania at $10.36 billion. The member state with the smallest GDP (PPP) is Comoros at US$3.43 billion, followed by the Djibouti at $7.19 billion and Somalia at $32.08 billion.[1][2]
The member state with the highest nominal GDP per capita is Qatar at US$81,968.34, followed by the UAE at $50,602.33 and Saudi Arabia at $32,586.17. The member state with the highest GDP (PPP) per capita is Qatar at US$114,210.45, followed by the UAE at $88,961.77 and Saudi Arabia at $68,452.85. The member state with the lowest nominal GDP per capita is Sudan at US$533.85, followed by the Yemen at $617.67 and Somalia at $717.41. The member state with the lowest GDP (PPP) per capita is Somalia at $1998.47, followed by the Yemen at $2053.45 and Comoros at $3463.63.[3][4]
List
edit| Country/Territory | GDP (nominal, billions) | GDP (PPP, billions) | GDP per capita (nominal) | GDP per capita (PPP) | Year |
|---|---|---|---|---|---|
 Algeria[6]
|
224.11 | 628.99 | 4,874.71 | 13,681.62 | (2023, est.) |
 Bahrain
|
44.99 | 95.97 | 28,464.17 | 60,715.02 | (2023, est.) |
 Comoros
|
1.36 | 3.43 | 1,377.02 | 3,463.63 | (2023, est.) |
 Djibouti
|
3.87 | 7.19 | 3,761.24 | 6,985.11 | (2023, est.) |
 Egypt
|
398.40 | 1,809.43 | 3,770.13 | 17,123.03 | (2023, est.) |
 Iraq
|
254.99 | 508.97 | 5,882.89 | 11,742.40 | (2023, est.) |
 Jordan
|
50.02 | 132.09 | 4,850.66 | 12,809.17 | (2023, est.) |
 Kuwait
|
159.69 | 256.59 | 32,215.03 | 51,764.83 | (2023, est.) |
 Lebanon
|
21.78 | 78.23 | 3,283.41 | 11,793.82 | (2022, est.) |
 Libya
|
40.19 | 166.89 | 5,872.22 | 24,381.73 | (2023, est.) |
 Mauritania
|
10.36 | 33.41 | 2,337.91 | 7,542.41 | (2023, est.) |
 Morocco
|
147.34 | 385.34 | 3,979.87 | 10,408.31 | (2023, est.) |
 Oman
|
108.28 | 200.30 | 21,265.63 | 39,336.14 | (2023, est.) |
 Palestine
|
18.11[citation needed] | 36.39 | 3,464.38[citation needed] | 6,642.34 | 2021 |
 Qatar
|
235.5 | 328.13 | 81,968.34 | 114,210.45 | (2023, est.) |
 Saudi Arabia[7]
|
1,069.44 | 2,246.54 | 32,586.17 | 68,452.85 | (2023, est.) |
 Somalia
|
11.52 | 32.08 | 717.41 | 1,998.47 | (2023, est.) |
 Sudan
|
25.57 | 172.65 | 533.85 | 3,604.78 | (2023, est.) |
 Syria
|
60.043 | 136.36 | 2,806.69 | 6,374.06 | 2010 |
 Tunisia
|
51.271 | 162.10 | 4,190.60 | 13,248.95 | (2023, est.) |
 United Arab Emirates
|
509.18 | 895.17 | 50,602.33 | 88,961.77 | (2023, est.) |
 Yemen
|
21.05 | 69.96 | 617.67 | 2,053.45 | (2023, est.) |
 Arab League
|
3,467.06 | 8,386.21 | 7,594.49 | 18,369.71 |
References
edit- ^ "World Economic Outlook, April 2022: War Sets Back The Global Recovery". IMF. Retrieved 2022-05-16.
- ^ "Arab world - GDP by country 2022". Statista. Retrieved 2024-02-01.
- ^ "Pressure on Egypt's economy mounts after downgrade". Al Jazeera. Retrieved 2024-02-01.
- ^ "These Are The 5 Largest Arab Economies In 2021, Led By Saudi Arabia". Forbes ME. Retrieved 2024-02-01.
- ^ "World Economic Outlook Database". World Economic Outlook. IMF. October 2023. Retrieved 1 February 2024.
- ^ "Here Are the Richest Countries in the MENA Region 2021".
- ^ Suneson, Grant (7 July 2019). "These are the 25 richest countries in the world". USA Today. Retrieved 21 December 2023.