The shock discovery of oil in the Gulf States thrust them from relative obscurity to the forefront of international finance and politics. It coincided with the breakdown of the international monetary system and the twin food and energy crisis, all of which helped to magnify the impact of the oil price increases. Yet, despite the continuing oil wealth enjoyed by the Gulf States, their economy has suffered some damaging blows in the recent past. The Iran—Iraq War has imposed a heavy burden on the Gulf countries which have contributed huge sums to Iraq. Internally, the Gulf economies have been hurt by the speculative boom generated by the unofficial stock-market in Kuwait which collapsed in the summer of 1982. This book, by an Arab economist long experienced in working in the Gulf economy, reviews the prospects for the region in the light of these external and internal problems and, drawing on the Kuwaiti example, suggests ways in which changes can be made.
First published in 1984.
Table of Contents
Introduction: An Overview 1. Arab Economy in a Turbulent Age Part 1. The International Context 2. International Financial Markets: the End of Stability? 3. The Reagan Programme and the American Economy: an Appraisal in Perspective Part 2. Arab Gulf Problems 4. The Predicament of the Arab Gulf Oil States: Individual Gains and Collective Losses 5. Arab Gulf Foreign Investment Coordination: Needs and Modalities Part 3. The Kuwaiti Example 6. Kuwait, or the Art of Tightrope Walking 7. The Kuwaiti Stock-Market