What country in the Middle East has the highest GDP?
Turkey is the largest economy in the Middle East followed by Iran, Saudi Arabia and UAE. Turkey has the world’s 15th largest GDP-PPP and 15th largest Nominal GDP.
What is the GDP of Middle East?
MENA region: Gross domestic product (GDP) in 2020, by country (in billion U.S. dollars)
| Characteristic | GDP in billion U.S. dollars |
|---|---|
| Israel | 402.64 |
| Egypt | 361.85 |
| United Arab Emirates | 354.28 |
| Iraq | 172.12 |
Which Arab country has the highest GDP?
List
| Rank | Country/Territory | GDP per capita (US$) |
|---|---|---|
| — | World | 11,355 |
| — | Arab League | 6,358 |
| 01 | Saudi Arabia | 22,865 |
| 02 | UAE | 37,749 |
What is the basis of the MENA region’s economy?
Revenue from oil exports, the main source of income for many oil producers in the region, was expected to contract by 38% in 2020. On average, the region’s real GDP per capita is forecast to increase by a meagre 0.6% in 2021—all in all, real GDP per capita in MENA in 2021 could be 4.7% below its level in 2019.
How many countries are in MENA region?
19 countries
The Middle East and North Africa (MENA) region includes approximately 19 countries, according to World Atlas. The region has vast oil, petroleum, and natural gas reserves.
Why is MENA region important?
The MENA region accounts for approximately 6% of the world’s population, according to World Atlas, along with 60% of the world’s oil reserves, and 45% of the world’s natural gas reserves. Due to the region’s substantial petroleum and natural gas reserves, MENA is an important source of global economic resources.
How big is the MENA region?
15 million square kilometers
MENA covers a surface of over 15 million square kilometers and contains some 6 percent of the world’s population, about the same as the population of the European Union (EU). The three smallest countries (Bahrain, Djibouti, and Qatar) each have a population of about half a million inhabitants.
Which countries make up MENA?
MENA countries consist of Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen. ***For U.S. FDI in MENA countries, information was not available for, Iran, Iraq, Kuwait, Oman, and Syria.
What are the four categories of MENA countries?
Abed wrote in 2003: ‘The MENA region comprises the Arab States in the Middle East and North Africa—Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Somalia, Sudan, the Syrian Arab Republic, Tunisia, the United Arab Emirates, and Yemen—plus the …
What is the GDP of the MENA region?
The MENA region in North Africa and the Middle East comprises the countries Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen. In 2020, GDP of Algeria amounted to approximately 144.29 billion U.S. dollars.
What is the World Bank’s Mena economic update?
The MENA Economic Update (previously known as MENA Economic Monitor) supplements the World Bank’s Bi-annual MENA Quarterly Economic Brief and presents the short term, macroeconomic outlook and economic challenges facing the countries in the Middle East and North Africa region.
Why was the MENA economic outlook lowered in 2019?
The outlook for growth in MENA has been lowered to 0.6% in 2019. Voluntary cuts to oil production are responsible for this downward revision from 1.5% in April, as well as intensifying global economic headwinds and the marked shrinkage of Iran’s economy because of rising geopolitical tensions.
What’s the economic growth rate in the Middle East?
October 2018: A new Economy for the Middle East and North Africa Growth in the Middle East and North Africa (MENA) region is projected to rebound to an average of 2% in 2018, up from an average 1.4% in 2017.