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Write 6 pages thesis on the topic economic development in the persian gulf (saudi and iran).
Write 6 pages thesis on the topic economic development in the persian gulf (saudi and iran). It also proposes strategies that should be adopted by both the countries so as to pave way for economic growth.
Saudi Arabia and Iran are the two remarkable producers of oil in the region but have failed to utilize this wealth of natural resources towards economic development of the country. It is a tragedy of oil-based economies that they fail to reap the benefits of this rich and valuable resource. There may be several reasons behind this fact viz. extreme reliance on oil export for revenue generation and political instability etc.
Regional instability is also one of the major phenomena that strike the oil rich countries in the Persian Gulf region. The fear of neighboring rivalries and potential threats keep these countries engrossed in spending thriftlessly on defense and military buildup, which has been on an ever increasing trend in the Persian Gulf region. Billion and Khatib also say that "the economy and politics of oil-dependent states are also affected by their propensity to spend more on defense" (113). Ever since the Iranian revolution, Saudi Arabia has considered Iran as a severe threat to its political structure. Consequently, both the countries, in particular Saudi Arabian government allocates heavy budget to arms accumulation and military buildup rather than on economic development.
