Economic Development Middle East and South Asia Essay

Economic Development Middle eastmost and sulphur Asia - Essay ExampleThe dramatic increase of vegetable oil prices can be related to the Arab-Israeli war that occurred in the year 1973 and the Iranian revolution which occurred in 1979. The oil producing states in the Middle due east have at present benefited from the noble export earnings brought by oil earnings. Further, there has been a decrease in the function opportunities due to the blooming economies of these oil producing states (Askari 9).Non oil producing countries in the Middle East have also benefited redden though they do non produce oil. Their citizens have crossed borders to seek for employment opportunities as strong as suitable markets for doing business. Further, several citizens in the non oil producing countries have migrated in order to earn coin as teachers, construction workers and engineers in the oil fields. The earnings from the employment opportunities for these citizens have very important for th e suppuration of countries like Egypt, Jordan, Yemen and Palestine. During the period of economic development in the oil producing countries in this region, non oil producing countries also gained from the high levels of foreign aid they were able to get from the oil producing countries (Askari 9).The increase oil revenues in the Middle East brought about several developments, especially in the social scene. The countrys infant mortality as tumesce as life prevision was improved. The infant mortality rates were halved while life expectancy in the Middle East region rose to over ten years. On the education sector, more(prenominal) citizens were able to enroll for school. Adult education levels were also on the rise (Rodney 45). Further, another benefit for increased oil revenues led to the decreased gap between the poor and the rich. This show that while the revenues from oil were increasing, or so countries developed faster than the others in their national wealth. The major oi l producing countries especially those with low population in the gulf were able to substantially improve the lives of their citizens. The income level per person in these countries would in some cases, snuff it those of the European countries. On the contrary, countries such as Jordan and Yemen have remained to be the poorest in the region as well as in the world (Rodney 45). The economic growth, however, came to a decline in 1986. This period witnessed the decrease of oil prices from $28 per barrel to $10 per barrel. This huge drop in the price of oil was as a result of the overproduction of oil in these states. Consequently, the huge economic gains that had been made started to decrease. This decline in the scrimping led to the loss of employment opportunities as well as numerous job losses. Further, the non oil producing countries were not able to get foreign aid they had previously enjoyed from the oil producing countries (Rodney 45). Economic future The Middle East is curre ntly being challenged by various factors in their economies. The most evident factor is the rapid population growth. The average population growth in the Middle East currently stands at 3% per year. This performer that the population in a given state will double in every 20 years. The increased rate of population growth in this region is one of the highest in the world. The sub Saharan region in Africa still leads in the population growth rate in the world (Askari 10). crowing population growth leads to various challenges in the economy and the available resources.