The Economy of the Middle East is very diverse. Composed of the nations of Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, the Palestinian territories, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, and Yemen the individual economies range from hydrocarbon exporting rentier economies to government led socialist economies to free market economies.
Collectively the region is best known for producing and exporting oil. The oil industry does significantly impact the entire region, both through the wealth that it generates and through the movement of labor. Most of the countries in the region have undertaken efforts to diversify their economies in recent years, however.
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