Homework2 Essay Example | Topics and Well Written Essays - 250 words - 1

Homework2 - Essay Example The GDP comparison of the Arab nations and the developed countries broken down above helps to deinstitutionalize the myth that the Arab world possesses a stronger economy as a result of having large reserves of oil. The sum totals of all the Arab league nations’ GDP only serve to march that of France and the United Kingdom (Noland & Pack 152). Even when combined together, the GDP of Arab league nations’ still fall below the individual GDP’s of Germany, Japan, and the United states. These figures serve to show that Arab world economy world is not as strong as it gets thought to be when compared to the economies of developed nations. A majority of the Arab league nations’ heavily rely on oil as their major source of GDP and export. Their economies thus are less diversified as they largely depend on oil when compared to the economies of developed countries such as the US, Germany, Japan, France and the UK (Tucker 526). There is need for the countries that fal l in the Arab world to diversify their economies so as to raise the level of their GDP to a competitive level against the developed