Title: Middle East: Economy | Scholastic
Headings: Middle East: Economy
Middle East: Economy
Content: The discovery of vast oil deposits revolutionized the Middle East's economy. More than half of the world's known oil reserves are found in the region, although they are not equally distributed. Saudi Arabia has the largest deposits and is the world's leading oil producer and exporter. Iran, Iraq, and the small Persian Gulf state of Kuwait are the other major producers. Aside from oil, chrome, coal, sulphur, and magnesium mined in Turkey, and phosphates from Jordan, the region is generally poor in mineral resources. Turkey, Egypt, and Israel are the most industrially developed countries of the region. The processing of agricultural products, petroleum refining and the production of petrochemicals, textiles, and such traditional crafts as rug weaving are the chief areas of industrial activity. Heavy industry, including machinery and steel production and motor vehicle assembly, is being encouraged. Perhaps the most important underlying problem of the Middle East today is that of modernization. How are the traditional societies of the region to cope with the modern world?