Economic Development in the Middle East

Synopsis

Despite its oil resources, the Middle East is falling behind other regions of the developing world, notably the countries of South East Asia. Here, Rodney Wilson examines the economic indicators for the region. The book considers the economic consequences of rapid population growth, including the implications for education and employment; low savings levels, the absence of significant private capital inflows and foreign investment; fragmentation in the banking system and insignificant bond markets; basic infrastructure and excessive military expenditure; trade, falling oil prices and budget deficits. The author considers alternative economic directions for the region and looks particularly at the positive aspects of the Iranian experience. He stresses that both the goals of development and the methods used to promote development have to be reassessed for a region where an Islamic value system prevails. Ultimately, development solutions which respect Muslim values may have more chance of success than those simply imported from the West.

Additional information

Contributors:
Publisher: Place of publication:
  • New York
Publication year:
  • 1995