Economic failure in the Middle East

Hossein Askari () and Roshanak Taghavi ()
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Roshanak Taghavi: Columbia University, New York (USA)

BNL Quarterly Review, 2006, vol. 59, issue 236, 81-111

Abstract: We show how human and economic development has generally remained low amongMiddle Eastern oil-exporters, despite over three trillion dollars in oil revenues. Islam and religion have not contributed to the region's failure. Extensive mismanagement of oil wealth has fueled corruption, decelerated economic growth, and reducedeconomic freedom in oil-producing countries. Government inefficiency and barriers to trade have discouraged foreign investment and have further undermined growth. We follow with an explanation of the relative economic costs and impact of conflicts in the region, and conclude with a brief assessment of each oil exporter's currenteconomic state and potential for future growth.

Keywords: Development (search for similar items in EconPapers)
JEL-codes: O10 P40 P47 (search for similar items in EconPapers)
Date: 2006
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