Oil economies in the Middle East and North Africa and their development prospects

Abstract

The thesis focuses on the progress of the oil economies in MENA since 90's. Due to the outbreak of unrest in the Arab world, the thesis deals with the political area and causes leading to the Arab Spring. The importance of oil in the world economy and it's discovery in the Middle East and North Africa increased strategic importance of this region. Arab countries have for the past three decades undergone significant social, economic and political transformation and their oil wealth played a major role in this transformation. The first chapter focuses on economic theory dealing with raw materials and their impact on economic growth of countries. The next chapter focuses on presentation of the MENA region. The third chapter deals with the development of four selected countries - Algeria, Egypt, Syria and Libya since 90's, the impact of the global financial crisis on Arab countries and the Arab Spring