Good Example Of Essay On OPEC Members Of The Middle East Region

Type of paper: Essay

Topic: Middle East, Oil, World, Growth, Literature, Books, Region, Qatar

Pages: 1

Words: 275

Published: 2020/11/09

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(Political Science)
This essay seeks to examine various attributes of a population of divergent region and comparing them relative to the GDP factor. In addition, the comparison will focus on the level of wealth accumulated by the rich nations and that of the poor. A clear-cut difference will drawn between the nations belonging to the G7 and that of the nations belonging to the OPEC members in the Middle East region. The G7 include the US, Japan, Germany, France, UK, Italy and Canada. On the other hand, the OPEC members in the Middle East include the Iran, Kuwait, Iraq, Qatar, Saudi Arabia and the United Arab Emirates (CIA World Fact book, 1).

Analysis

In the terms of the general economic growth defined by the GDP, most of the OPEC members in the Middle East Region experience a relatively higher and stable growth rates between 2.3% and 5.5% with the exception of Iran. Qatar has the highest GDP of 5.5%. On the other hand, the G7 nations have a GDP that ranges from 0.3-1.8%, which defines a relatively low growth rate. The UK records the highest GDP of 1.8 %, while Italy experiences the lowest GDP of -1.8%. In essence, these figures indicate that, the OPEC members in the Middle East region grow relatively faster as compared to the nations that belong to the G7 (CIA World Fact book, 1). The growth curve of the OPEC members has not reached the saturation point, however, with the G7, it appears that their graph as already has already reached the saturation point and the downward trend is presently their norm of growth.
Moreover, the GDP (Purchasing power parity), help in illustrating the total number of goods and services produced in a nation in one year. From the calculated figures, some members of the OPEC indicate a relatively higher GDP than all the members of the G7. However, all the G7 members indicate, a constant range of GDP, hence a constant rate of welfare of its people. In the case of the OPEC members, some enjoy stable living standard such as Kuwait and Qatar, whereas Iraq and Iran experience low living standards due to their low GDP of $ 7, 100 and 12800 respectively (CIA World Fact book, 1). This may be due to the continuous boundary and rebel disputes, which results to the constant conflicts.

Work Cited

CIA World Fact book at: https://www.cia.gov/library/publications/the-world-factbook/index.html

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WePapers. (2020, November, 09) Good Example Of Essay On OPEC Members Of The Middle East Region. Retrieved August 03, 2021, from https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/
"Good Example Of Essay On OPEC Members Of The Middle East Region." WePapers, 09 Nov. 2020, https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/. Accessed 03 August 2021.
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WePapers. Good Example Of Essay On OPEC Members Of The Middle East Region. [Internet]. November 2020. [Accessed August 03, 2021]. Available from: https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/
"Good Example Of Essay On OPEC Members Of The Middle East Region." WePapers, Nov 09, 2020. Accessed August 03, 2021. https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/
WePapers. 2020. "Good Example Of Essay On OPEC Members Of The Middle East Region." Free Essay Examples - WePapers.com. Retrieved August 03, 2021. (https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/).
"Good Example Of Essay On OPEC Members Of The Middle East Region," Free Essay Examples - WePapers.com, 09-Nov-2020. [Online]. Available: https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/. [Accessed: 03-Aug-2021].
Good Example Of Essay On OPEC Members Of The Middle East Region. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/good-example-of-essay-on-opec-members-of-the-middle-east-region/. Published Nov 09, 2020. Accessed August 03, 2021.
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