Economy of Persian Gulf Essay Example | Topics and Well Written Essays - 500 words

Economy of Persian Gulf - Essay Example Globalization creates diversity for consumers to choose. Countries will not experience scarcity of products, as they will receive them from countries that produce them in abundance. The developing countries gain by getting technological machines that are important in the production from developed countries. The developed countries also acquire raw materials that they use in production. There should be a change in policies. The Persian Gulf has experienced economic stagnation due to insecurity in the region. The Middle East countries need to ensure investors that their investment is safe. A policy that deters Iran from acquiring and developing nuclear weapons should be established. I do agree with the second post. The Middle Eastern states have been over-reliant on oil. Changes in demand, supply and pricing in oil negatively affected the economy in that region. It has made it particularly difficult to make economic plans. The total revenue, which is as a result of oil, keeps on fluctuating. However, oil has provided a lot of advantages as it contributes to the revenue of the states, and it is a source of employment for many of their citizens. The citizens get some form of income from the state directly contributed to oil. Diversification will create stability in the economy of the Persian Gulf. The citizens need to consider other income contributors. The region has relatively poor soils that make it hard to practice agriculture. There is also a shortage of rains in the region. Practicing irrigation can be practiced to boost agriculture.