The Impact of Changes in the Oil Price On The Economy of the Middle East Countires Case Study in Krg –Iraq

1Tavga Mahdi Azeez, Hawar Ghafur Hamadamin and Hawbashfaisalsuliman

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Abstract:

The purpose of this study is to examine the impact of changes in the oil price on the economy of the Middle East countries. In particular, it discusses the relationship between the dependent (GDP growth) and independent (GDP) per capita, inflation rate. The part Middle East own oil countries government should be planned to diversify its sources of yearly revenue in the budget. To this end, the majority of exertion has focused on developing the non-oil export sectors such as tourism section and agriculture section, particularly in manufacturing as one of the important sector in any country. Thus, the research objective in this research are: to show that how and in what ways the oil price effect on the economic growth of the Middle East countries and what are the consequences of oil price fluctuating, find the change of oil price effect to the economics of Middle East countries, identify international energy price level affect the domestic economy and find account for high energy intensity in the economy. The type of this research is quantitative. The researcher uses SPSS program for analyzing data which receiving from participates. Analysis between two factors (Oil price and the economy of the Middle East countries) in chapter four showing that the correlation between Oil price and the economy of the Middle East countries the value of R= 0.965 and it Means that Oil price is positively high correlated with the economy of the Middle East countries.

Keywords:

Oil Price, Economy, Middle East Countries, Kurdistan Region Government (KRG)-IRA

Paper Details
Month9
Year2019
Volume23
IssueIssue 2
Pages983-1002

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