Arab gulf economy in a turbulent age

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 magnity 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 such huge sums to Iraq Internally, the Gulf economies have been hurt by the speculative boom generated by the unofficial stock market in Kuwait which collageed 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 axtarmal and internal problems and drawing on the Kuwait example, suggests ways in which changes can be made

Dr Haem Elable is presently Chairman of the Export Development Bank of Egypt He was Professor of Economics at the University of Alexandria and has also taught at the Universities of Cairs, Ein Shums, the American University in Cairo, L'Ecole Pratique de Hautes Etudes (Paris, Sorbonnel, the University of Kuwait and the University of California at Los Angeles He served as senior economist at the Arab Fund for Economic and Social Development and was Director of the Economic Research Department at the Ministry of Finance in Kuwait. Dr Beblawi is the author of many articles and books on money, international finance and development.