A Comparative Analysis of Economic Policies and Performance of the OPEC and Non-OPEC Countries of the Middle East Region since the 1980’s

Year 2012, Volume: 1 Issue: 1, 53 - 89, 01.06.2012

M Raquibuz Zaman

Abstract

This study shows that no matter how high or low the petroleum prices were during the last three decades or so, and how the revenues earned from oil exporting have been utilized by the OPEC members of the Middle-East for their economic growth and diversification, their performance has not been markedly different than that of the non-OPEC members of the region. For the analysis of comparative economic performance the study analyzed 15 basic economic indicators of each of the selected countries over the period 1981-2010 to discern any pattern of divergent economic growth between the two sets of countries, and to gauge what positive and/or negative contribution oil money made to their economic development and performance. It also shows the role of socio-political institutions in diversification of economic activities, and distribution of economic benefits in the countries concerned

Keywords

Comparative Economic Performance, OPEC, Oil Prices, Middle East.

References

• Department of Economics, King Saud University, Riyadh. Al-Farhan, F. (2003). OPEC Policies and the Economic Development of Member States
• The Saudi Arabian Experience and what is Needed in the 21st Century, unpublished manuscript. Chun, C. K. S. (2010). Do Oil Exports Fuel Defense Spending? http://www.StrategicStud- iesInstitute.army.mil/
• Coury, T. (2009). Oil, Labor Markets, and Economic Diversification in the GCC: An Empiri- cal Assessment. Dubai School of Government, Dubai, UAE.
• Economy Watch Economic Statistics Database (http://www.economywatch.com/eco- nomic- statistics/country/). Gelb, A. (2010). Economic Diversification in Resource Rich Countries. Center for Global De- velopment, Algiers.
• International Financial Statistics database (extracted from International Monetary Fund) Looney, R. E. (1994). “The Impact of Defense Expenditure on Industrial Development in the Arab Gulf.” Middle Eastern Studies, Vol.30, No.2, April, pp. 377-384.
• The World Bank Indicators & data bank (http://databank.worldbank.org/ddp/home.do The World Bank, (2011). World Development Indicators, Washington, D.C.: The World Bank, Table 2.9.
• Wikipedia, (2011). List of Countries by Population.(http://en.wikipedia.org/wiki/List.)
• WTRG Economics, (2011). History of Illinois Basin Posted Crude Oil Prices.
• Zaman, M. R. (2000). “Trade, Capital Flows, and Economic Vulnerability of the Major
• Oil Exporting Countries of the Middle East”. Journal of Global Awareness, Pro- ceedings of 2000 Annual Conference, 265-270.