Lewes, DE -- (SBWire) -- 04/02/2019 --Economic integration of Middle East focuses on sustained peace. Diversified Economy of Middle East includes many different countries, such as Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, and Yemen.
The Middle East was expected to grow by 2.9 per cent in 2018, rebounding from an eight-year low of economic slump recorded in 2017, propeled by higher oil prices, hefty budgets and an improving security situation.The region, which grew 1.1 per cent last year, is forecast to expand further to 3.6 per cent in 2019, according to forecasts in the ICAEW/Oxford Economics' Economic Insight Middle East Q1 2018. Growth in the Arabian Gulf will accelerate to 2.4 per cent in 2018 and 3.5 per cent in 2019, compared with 0.1 per cent last year.
The biggest challenges facing the economy of the middle east region, which has experienced parallel situations in the last few years, is that the dependency on oil-based economy and undermining the other sectors, which lead to shortage of qualified labour and the lack of diversified heavy industry. With the effect of the contraction in domestic demand amid a low growth trend, the climb in unemployment rates.
The Middle East region, which largely depends on oil exports and the service industry, is facing tough economic challenges due to high budget deficits and rising unemployment. The 2018 end-of-year figures depicting that United Arab Emirates (UAE), Saudi Arabia and Kuwait, all three major countries experiencing slowdown in banking profitability in the last four years, painting a gloomy picture for 2019.
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