Economic Growth and Decline
The Middle East has experienced a growth and decline cycle over the last thirty years.
The period from 1965-1985 represented a time of tremendous economic growth. This growth was facilitated by the dramatic rise in oil prices, which were related to the 1973 Arab-Israeli War (see Arab-Israel Wars) and the 1979 Iranian Revolution.
As oil prices rose to new highs, most states in the Middle East benefited from heightened revenues. Oil-producing states (especially large producers such as Saudi Arabia, Iran, Iraq, Kuwait, the United Arab Emirates, and Qatar) benefited directly in the form of high export earnings. Likewise, these states had many job opportunities available as a result of the booming economies of the Gulf.
Economic Growth and Decline
The Middle East has experienced a growth and decline cycle over the last thirty years.
The period from 1965-1985 represented a time of tremendous economic growth. This growth was facilitated by the dramatic rise in oil prices, which were related to the 1973 Arab-Israeli War (see Arab-Israel Wars) and the 1979 Iranian Revolution.
As oil prices rose to new highs, most states in the Middle East benefited from heightened revenues. Oil-producing states (especially large producers such as Saudi Arabia, Iran, Iraq, Kuwait, the United Arab Emirates, and Qatar) benefited directly in the form of high export earnings. Likewise, these states had many job opportunities available as a result of the booming economies of the Gulf.
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