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Bad politics = poor economics.(economic aspects of Middle East)
There is no region more in need of fundamental economic reform than the Middle East. According to the U.N., one out of five residents lives on less than $2 a day. Yet the past 30 years have brought only a stagnation of living standards for the 500 million inhabitants. This despite huge local oil resources.
The dismal fact is that living standards in the oil producing countries of the Middle East declined over the last generation--by 1.25 percent per year. Rather than generating growth, the abundance of oil revenues only bloated the public sectors in these countries. That depressed development of the non-oil private sector, the primary engine of healthy economic growth.
Mix the economic weakness of the Middle East with the rapid population growth taking place in these countries, and you get mounting unemployment and social pressures. The population of the Arab world is expected to increase by more than 50 percent by 2020. On current economic growth, that would imply a rise in the region's unemployment from 15 million today to more than 50 million people in 15 years.
The poor economic performance of Muslim ...
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Source: HighBeam Research, Bad politics = poor economics.(economic aspects of Middle East)