Has oil been a blessing or a curse for Arab societies?

The question of oil colour is instrumental to understanding the contemporary center field East and its modern history. The oil industry and its effects has been wholeness of the primary defining characteristics of Arab society, frugals and politics. Whilst the influx of oil revenues has exponentially increased economic and industrial growth, structural reform has been absent, exposition this growth as simply superficial developments. Most oil-rich countries, unfortunately, be severely lacking across a whole spectrum of social, political and economic governance standards. Sudden influxes of capital, combined with rapid increases in oil prices father created severe distortions in economies, societies and political systems with highly negative consequences.

Revenues collected from oil rents and some other forms of taxation have allowed governments to improve the living standard of their citizens. The United Arab Emirates and Bahrain are the forerunners in the region for the redistribution of oil wealth between their populations. In Bahrain, 30% of GDP disregard be directly attributed to the oil industry. economic structures ensure this revenue is invested back into education, health and expansion of its ripening tourism industry.



Additionally, as it is predicted that Bahrains oil supply lead be exhausted within a couple of decades, it is attempting to extend its economy through oil funds.

The United Arab Emirates has also been passing successful in the diversification of its economy and in expanding its economic infrastructure. In 2006, only 3% of Dubais GDP were from its oil and natural gas industries. The global promotion of this Emirate as a shoppers paradise, a stop-over on the way to Europe and as a tourist destination in its own dependable has created many employment and investment opportunities for the local population. In other oil-rich Arab countries, revenues have allowed economic growth to occur, particularly during the boom of the 1970s. Whilst questions can be raised about...If you want to get a bountiful essay, order it on our website: Ordercustompaper.com



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