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Economy of the Arab League

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The economy of the Arab League is the economy of the member states of the Arab League. The economy has traditionally been dependent on exports of oil and natural gas; however, the tourism sector has grown rapidly, becoming the fastest-growing sector in the region. The Greater Arab Free Trade Area, founded in 1997, is the league's free trade area which removed customs taxes on 65% of trade between counties in the Arab World.

Members of the Arab League are among the richest and poorest of the world, and there is a great disparity in the economic development of members of the league. There is a significant difference imbalance in wealth between the Gulf states, which include Qatar, the United Arab Emirates, Saudi Arabia and war-torn nations within the league, such as Somalia, Sudan and Yemen.

Free trade agreements

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Main article: Council of Arab Economic Unity

GDP and GDP per capita of member states

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Further information: List of Arab League countries by GDP (nominal) and List of Arab League countries by GDP (PPP)
Arab League HQ building in Cairo, Egypt
Arab League members by GDP (PPP) per capita in 2023
  >$70,000
  $60,000 - $70,000
  $50,000 – $60,000
  $40,000 – $50,000
  $30,000 – $40,000
  $20,000 – $30,000
  $10,000 – $20,000
  $5,000 – $10,000
  $2,500 – $5,000
  $1,000 – $2,500
  <$1,000
  No data

Based on latest figures and estimates, the Arab League has a GDP of approximately US$3.5 trillion at nominal values and $8.4 trillion at purchasing power parity (PPP). The member states with the largest nominal GDP are Saudi Arabia at US$1.07 trillion, followed by the UAE at $509.18 billion and Egypt at $389.4 billion. The member states with the highest GDP (PPP) are Saudi Arabia at US$2.25 trillion, followed by Egypt at $1.81 trillion and the UAE at $895.17 billion.

The member state with the smallest nominal GDP is Comoros at US$1.36 billion, followed by the Djibouti at $3.87 billion and Mauritania at $10.36 billion. The member state with the smallest GDP (PPP) is Comoros at US$3.43 billion, followed by the Djibouti at $7.19 billion and Somalia at $32.08 billion.[1][2]

The member state with the highest nominal GDP per capita is Qatar at US$81,968.34, followed by the UAE at $50,602.33 and Saudi Arabia at $32,586.17. The member state with the highest GDP (PPP) per capita is Qatar at US$114,210.45, followed by the UAE at $88,961.77 and Saudi Arabia at $68,452.85. The member state with the lowest nominal GDP per capita is Sudan at US$533.85, followed by the Yemen at $617.67 and Somalia at $717.41. The member state with the lowest GDP (PPP) per capita is Somalia at $1998.47, followed by the Yemen at $2053.45 and Comoros at $3463.63.[3][4]

List

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Latest available GDP data for members of the Arab League in $US[5]
Country/Territory GDP (nominal, billions) GDP (PPP, billions) GDP per capita (nominal) GDP per capita (PPP) Year
 Algeria[6] 224.11 628.99 4,874.71 13,681.62 (2023, est.)
 Bahrain 44.99 95.97 28,464.17 60,715.02 (2023, est.)
 Comoros 1.36 3.43 1,377.02 3,463.63 (2023, est.)
 Djibouti 3.87 7.19 3,761.24 6,985.11 (2023, est.)
 Egypt 398.40 1,809.43 3,770.13 17,123.03 (2023, est.)
 Iraq 254.99 508.97 5,882.89 11,742.40 (2023, est.)
 Jordan 50.02 132.09 4,850.66 12,809.17 (2023, est.)
 Kuwait 159.69 256.59 32,215.03 51,764.83 (2023, est.)
 Lebanon 21.78 78.23 3,283.41 11,793.82 (2022, est.)
 Libya 40.19 166.89 5,872.22 24,381.73 (2023, est.)
 Mauritania 10.36 33.41 2,337.91 7,542.41 (2023, est.)
 Morocco 147.34 385.34 3,979.87 10,408.31 (2023, est.)
 Oman 108.28 200.30 21,265.63 39,336.14 (2023, est.)
 Palestine 18.11[citation needed] 36.39 3,464.38[citation needed] 6,642.34 2021
 Qatar 235.5 328.13 81,968.34 114,210.45 (2023, est.)
 Saudi Arabia[7] 1,069.44 2,246.54 32,586.17 68,452.85 (2023, est.)
 Somalia 11.52 32.08 717.41 1,998.47 (2023, est.)
 Sudan 25.57 172.65 533.85 3,604.78 (2023, est.)
 Syria 60.043 136.36 2,806.69 6,374.06 2010
 Tunisia 51.271 162.10 4,190.60 13,248.95 (2023, est.)
 United Arab Emirates 509.18 895.17 50,602.33 88,961.77 (2023, est.)
 Yemen 21.05 69.96 617.67 2,053.45 (2023, est.)
 Arab League 3,467.06 8,386.21 7,594.49 18,369.71 (2024; est.) & (2025; est.)

References

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  1. ^ "World Economic Outlook, April 2022: War Sets Back The Global Recovery". IMF. Retrieved 2022-05-16.
  2. ^ "Arab world - GDP by country 2022". Statista. Retrieved 2024-02-01.
  3. ^ "Pressure on Egypt's economy mounts after downgrade". Al Jazeera. Retrieved 2024-02-01.
  4. ^ "These Are The 5 Largest Arab Economies In 2021, Led By Saudi Arabia". Forbes ME. Retrieved 2024-02-01.
  5. ^ "World Economic Outlook Database". World Economic Outlook. IMF. October 2023. Retrieved 1 February 2024.
  6. ^ "Here Are the Richest Countries in the MENA Region 2021".
  7. ^ Suneson, Grant (7 July 2019). "These are the 25 richest countries in the world". USA Today. Retrieved 21 December 2023.
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