Economic Development In The Middle East

This comparative textbook focuses on the region’s strengths, and highlights development success, especially in the Gulf, Turkey and Israel. The major structural changes in the economies of the Middle East are analysed and current employment challenges discussed.

This new edition examines how development in the Middle East is being influenced by global economic change. This comparative textbook focuses on the region’s strengths, and highlights development success, especially in the Gulf, Turkey and Israel. The major structural changes in the economies of the Middle East are analysed and current employment challenges are discussed.

The impact of demographic changes is considered, notably the dramatic decline in birth rates which will have implications for future employment. The contribution of banks and capital markets to the region’s development is appraised, including that of Islamic financial institutions which play a prominent role in the Gulf Cooperation Council (GCC) countries but are on the margins of the financial systems elsewhere. Historically, development in the GCC was linked to oil and gas production and prices, a key issue being whether these are being decoupled as economies diversify and become more self-sustaining. The evidence on this from the GCC is encouraging, with transparent and accountable financial management and major improvements in economic governance despite the lack of democracy.

Examining the drivers of economic development in the Middle East in a regional and global context, this fully updated textbook is a key resource for students and academics interested in economic development and the political economy of the Middle East.

1. Introduction 2. Modelling Middle East Economic Development 3. Growth and Structural Change 4. Population Growth and Employment 5. Capital Markets, Savings and Investment 6. An Islamic Model for Economic Development 7. Oil and Development 8. International and Intra-Regional Trade 9. The Role of The State 10. Globalisation

Rodney Wilson is Emeritus Professor at Durham University, UK. His research interests include the political economy of development in the Middle East and Islamic finance. His articles include studies of Middle Eastern economies, Islam and capitalism, sukuk securities and Shari’ah compliant private equity finance. He has written numerous books, including Islamic Economics: A Short History (with Ahmed Elashker, 2006), Legal, Regulatory and Governance Issues in Islamic Finance (2012) and Islam and Economic Policy (2015).