Book Review of Arab Economies in the Twenty-First Century written by Raul Rivlin
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Prior to 1950, Middle Eastern countries experienced some of the lowest levels of socioeconomic development in the world. However, in the 1960s and 1970s the region experienced nearly universal robust economic growth. While many anticipated that the higher oil prices of the 1970s would sustain this momentum, gross domestic product (GDP) growth per worker in the Middle East decelerated in that decade. In the 1980s and 1990s, GDP growth per worker was less than 1% per year. While growth picked up somewhat with the oil boom in the first decade of the 21st century, the growing income gap with Asia and other parts of the developing world has persisted. The region’s chronic unemployment, the highest in the world, has shown little tendency to abate, even during the recent period of high oil prices...
Book Review by Dr. Robert Looney on Arab Economies in the Twenty-First Century, by Paul Rivlin.