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Consequently, Iran has begun a privatization effort in order to stimulate trade in accordance with its ongoing five-year plan and has also undertaken an ambitious economic reform plan. The most important advantage that Iran's capital market has in comparison with other regional markets is that there are forty industries directly involved in it. Industries such as the automotive , telecommunications , agriculture , petrochemical , mining, steel iron, copper , banking and insurance , financial mediation and others trade shares at the stock market , which makes it unique in the Middle East.
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Nearly 30 years of fighting, against Iran in the s and the United States since , has had a detrimental impact on Iraqi economic growth. Oil production remains Iraq's chief economic activity. Israel 's national leadership created a socialist economy when Israel was established in The purpose of this approach was to establish economic self-sufficiency, particularly agriculturally, in the face of hostile neighbors and to provide jobs for a population rapidly expanding through immigration. The socialist nature of the economy created a great deal of inefficiency which the government was able to offset through foreign aid, first in the form of West German Holocaust reparations then through direct aid, primarily from Western nations.
Following the Yom Kippur War Israeli defense spending rose dramatically, exposing the weaknesses of the state-run economy. This move did not sufficiently curb inflation and consequently the sheqel was recalled in in favor for the Israeli new sheqel , a move implemented together with a comprehensive economic stabilization program which stemmed inflation and set the stage for high growth in the s.
The economy received a boost in the early s with the arrival of several hundred thousand immigrants from the former Soviet Union. The new labor also attracted foreign direct investment. Israel's growth over the past decade [ which? It also has the highest economic complexity index of all the countries in the Middle East. Israel is described as "very highly developed" on the UN 's Human Development Index , ranking 16th among world nations and highest in the Middle East in In September , Israel joined the OECD Organisation for Economic Co-operation and Development , which praised Israel's scientific and technological progress and described it as having "produced outstanding outcomes on a world scale.
Jordan operates a rentier economy based largely on foreign aid, investment, and remittances. Jordan heavily depends on its highly skilled workforce in the oil-rich Persian Gulf to send back money to help support thousands of Jordanian families. Consequently, its economic fortunes are tied to events in the international community. Although the standard of living in Jordan is significantly higher than other countries with similar incomes, having among the best education and healthcare systems in the Middle East,  many Jordanians opt to work abroad because of soaring costs of living and high unemployment in their native country.
Following Iraq's invasion of Kuwait hundreds of thousands of Palestinians were expelled from other Arab nations. For Jordan this resulted in the significant loss of remittance revenue. Although the Iraq War first brought detrimental consequences to Jordan's economy, it gave Jordan a huge boost in trade and investment with wealthy Iraqis re-settling in Jordan; Amman become a transit point for business and trade bound to Iraq. Jordan consequently became known as the "Gateway to Iraq" and later the "Gateway to the Middle East".
Jordan's pro-business and pro-Western government has created incentives and free trade zones to spur further economic growth. Jordan's private sector growth has been given higher priority in recent years.
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Manufactured exports have increased by taking advantage of Qualifying Industrial Zones , led largely through the growth of a textile industry. Jordan has one of the freest economies in the Middle East due to several key economic reforms in the past few years. The Kuwaiti currency is the highest-valued currency unit in the world.
In these investments accounted for more than half of Kuwait's GDP. Oman has several different industries including crude oil production and refining, natural and liquefied natural gas LNG production, construction, cement, copper, steel, chemicals and optic fiber. Oman also has substantial trade and budget surpluses.
The economy of the Palestinian National Authority has been severely truncated by extensive corruption among Palestinian Authority officials, a heavy dependence on foreign aid, and the ongoing conflict with Israel. Production has dropped since the beginning of the Second Intifada in The Gaza Strip has been blockaded by Israel and Egypt since June after Hamas took control of the Palestinian territory in the course of a conflict with rival Palestinian group Fatah. In May , the UN Office for the Coordination of Humanitarian Affairs stated that the formal economy in Gaza has collapsed since the imposition of the blockade.
With the revenues from its hydrocarbon industries Qatar has established a rentier economy. Qatar has also established the largest per capita sovereign wealth fund in the world. With a population under one million, the government has not found it necessary to diversify its economy.
The country's civil service grew from 37, in to , in Currently [ when? The state has announced plans to build six 'economic cities' in order to diversify its economy. Stemming from a s nationalization effort most of the Syrian economy is run by the government.
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Turkey is often classified as a newly industrialized country by economists and political scientists;    while Merrill Lynch , the World Bank and The Economist magazine describe Turkey as an emerging market economy. Turkey is restructuring its economy in an attempt to gain full European Union membership.
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It began this policy in the early s, abandoning its previous import substitution industrialization policy. Additionally, the Baku—Tbilisi—Ceyhan pipeline has brought revenue to Turkey and enabled it to share in some of the regional hydrocarbon wealth. Turkey's economy is currently led by its automobile , agricultural , construction and textile sectors. The United Arab Emirates has been successfully diversifying the economy.
Yemen has suffered from chronic economic mismanagement. The bulk of its labor is involved in agriculture where its primary cash crop is khat. Three-fifths of working respondents in the MENA stated that they would be hiring in the following 3 months.
The trend continued from past waves with most employers planning to hire people for junior or mid-level executive positions. Post-graduate degrees in business management were the most sought-after qualification in the MENA.watch
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This was followed by degrees in engineering and commerce. Good communication skills in Arabic and English were the top attribute companies sought in a respondent, followed by 'being a team player'. In terms of experience, managerial skills were the most sought, followed by experience in sales and marketing, and computer skills.
Overall, two-fifths believed that their country of residence was more attractive as a job market in comparison to other MENA countries. Almost half of working respondents rated their own industry as being more attractive as a potential employer in comparison to other industries. Following the oil boom of the s, Middle Eastern economies have implemented several reform policies aimed at sustaining economic growth and increasing participation at the macroeconomic level.
The implementation of these economic reforms became more urgent in the region as oil price volatility threatened the economic stability of major oil-exporting countries. While each country follows its own economic agenda, many face similar challenges and target issues which affect the region as a whole.
The policies are especially concerned with attracting foreign investment in an integrated global economy. Countries within the Middle East have also begun implementing policies to promote integration between Middle Eastern countries. These are hoped to help the region reach its full economic potential and to sustain the stability of countries that have accomplished higher rates of growth and development.
While the OPEC embargo exacerbated the deep recession and inflation in the United States, the economies of the Middle East witnessed rapid expansion and growth in GDP as well as an increase in the Middle East's share of global world trade from 3.
Epub The Arab Economies In A Changing World 2007
Following the oil boom and the OPEC embargo of the s, the Middle East became a heavily integrated region in terms of economic growth and employment. The increase in the export of oil by the major oil-exporting countries in the Middle East led to a mass influx of foreign workers from Arab and Asian countries. Towards the end of the s the growth began to stop as the price of oil fell in an increasingly competitive global market. As a result, countries such as Morocco, Tunisia and Jordan began to implement economic reforms during the mids.
Soon after, most countries within the region had implemented some form of economic stabilisation policy. For many Middle Eastern countries politics is heavily integrated into economic policy and has proved to be a major obstacle to effective economic reform. Instability in the region deters foreign investment and global economic integration.
Political transparency has also proven to be a deterrence to economic development. Since the quality of institutions and governance are important factors in stimulating growth, economic reform in the Middle East may not be complete if political reform is not suggested or implemented simultaneously.