Friday, October 18, 2019
GDP Comparisons Essay Example | Topics and Well Written Essays - 250 words
GDP Comparisons - Essay Example The GDP of all 22 countries of the Arab League including West Bank and Gaza Strip is around $2.309 trillion for the year 2011(CIA fact book, 2013). The country with the highest GDP is Saudi Arabia with $587 billion. As compared to the countries of Arab League the GDP of Italy is $2.164 trillion, the GDP of France is $2.734 trillion, GDP of Germany is $3.55 trillion, GDP of United States $14.83 trillion, and GDP of Japan is $5.773 trillion for the year 2011 (CIA Fact book, 2013). Except Italy, all the countries mentioned above have a GDP that is greater than the combined GDP of all Arab League countries. The difference between ItalyÃ¢â¬â¢s GDP and Arab LeagueÃ¢â¬â¢s GDP is also very small. The GDP of West Bank and Gaza Strip is $6.64 billion, while the GDP of Israel in $239.8 billion (CIA Fact book, 2013). This comparative analysis tells us about the dominance of Western developed world over the Third World Countries of Arab. The industrial setup of Arab countries is very weak and therefore they have to rely on natural resources. Lack of local industries and inefficient governments are the main reason for such great difference between GDPs of Arab League countries and that of the developed world.