The economy of the Arab League is the economy of the member states of the

Arab League The Arab League (, ' ), officially the League of Arab States (, '), is a regional organization in the Arab world. The Arab League was formed in Cairo on 22 March 1945, initially with seven members: Kingdom of Egypt, Egypt, Kingdom of Iraq, ...

. 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 countries in the

Arab World The Arab world ( '), formally the Arab homeland ( '), also known as the Arab nation ( '), the Arabsphere, or the Arab states, comprises a large group of countries, mainly located in West Asia and North Africa. While the majority of people in ...

. Members of the

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 Qatar, officially the State of Qatar, is a country in West Asia. It occupies the Geography of Qatar, Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it shares Qatar–Saudi Arabia border, its sole land b ...

, the

United Arab Emirates The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

and war-torn nations within the league, such as:

Syria Syria, officially the Syrian Arab Republic, is a country in West Asia located in the Eastern Mediterranean and the Levant. It borders the Mediterranean Sea to the west, Turkey to Syria–Turkey border, the north, Iraq to Iraq–Syria border, t ...

Iraq Iraq, officially the Republic of Iraq, is a country in West Asia. It is bordered by Saudi Arabia to Iraq–Saudi Arabia border, the south, Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq border, the east, the Persian Gulf and ...

and

Yemen Yemen, officially the Republic of Yemen, is a country in West Asia. Located in South Arabia, southern Arabia, it borders Saudi Arabia to Saudi Arabia–Yemen border, the north, Oman to Oman–Yemen border, the northeast, the south-eastern part ...

Free trade agreements

GDP and GDP per capita of member states

Based on latest figures and estimates, the Arab League has a GDP of approximately

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

03.513” trillion at nominal values and $08.345” trillion at

purchasing power parity Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a market bask ...

(PPP). The member states with the largest nominal GDP are

at US$1.115 trillion, followed by the UAE at $507.18 billion and

Egypt Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...

at $489.4 billion. The member states with the highest GDP (PPP) are

at US$2.251” trillion, followed by

at $2.231 trillion and the UAE at $895.17 billion. The member state with the smallest nominal GDP is

Mauritania Mauritania, officially the Islamic Republic of Mauritania, is a sovereign country in Maghreb, Northwest Africa. It is bordered by the Atlantic Ocean to the west, Western Sahara to Mauritania–Western Sahara border, the north and northwest, ...

at $10.36 billion. The member state with the highest nominal GDP per capita is

at US$81,968.34, followed by the UAE at $50,602.33 and

at $32,586.17. The member state with the highest GDP (PPP) per capita is

at US$114,210.45, followed by the UAE at $88,961.75 and

at $68,452.85. The member state with the lowest nominal GDP per capita is

Sudan Sudan, officially the Republic of the Sudan, is a country in Northeast Africa. It borders the Central African Republic to the southwest, Chad to the west, Libya to the northwest, Egypt to the north, the Red Sea to the east, Eritrea and Ethiopi ...

at US $715.00.

List

References

External links

*https://web.archive.org/web/20080506173842/ *http://www.amf.org.ae/venglis

**https://www.webometrics.info/en/Arab_world
Full text of the Agadir Agreement (English version)''The Agadir Agreement and Open regionalism'' by Steffen Wippel
**https://www.worlddata.info/iq-by-country.php {{Arab League Arab League International economic organizations Trade blocs