People in various countries protested against their governments’ inability to tackle unemployment and improve living standards. Since then, some of the countries that have recovered from the unrests have adopted policies that contend their populations. For instance, Kuwait and Saudi Arabia increased government spending substantially, bringing down the costs of basic commodities and social services. In order to ensure regional stability, the economies and growth of these countries should be addressed.The eight countries were chosen for comparison because they have five common similarities. First, their economies are susceptible to changes in the global prices of oil. Second, there are no international economic sanctions imposed on them. Thus, one would expect their economies to grow at comparable rates. Third, the countries maintain good relations with the West. The good relations allow them to access the lucrative Western markets, a key incentive for faster growth. Fourth, in all the countries, religion plays a role in policy formulation. Most of the business activities are conducted under Islam values, bringing uniformity throughout the region. Lastly, the countries are ruled by oppressive regimes. Therefore, the regimes do not put into consideration the concerns of the opposition.In these countries, the global prices of oil determine the stability of the economy. the countries are all dependent on oil in terms of exports or imports. For instance, for the case of Turkey, if prices rise, the production level in its entire economy weakens. Turkey is highly dependent on imported oil and gas.
Economy And Growth And Its Effects On Unemployment