Is the MENA region assigned a peripheral place in the global economic Essay

Is the MENA region assigned a peripheral place in the global economic systemOr is the region so diverse that we cannot talk in such generalised terms - Essay Example According to Allan (2001) these world crises have tackled regions with certain reasons following them such that most of the renowned economists had not anticipated the crisis and thus concluded that the models they used could not adequately explain the situation. It is for this reason that the governments of different nations, businesses, unions and institutions are now anxiously in search of solutions that will not only solve the problems but also prepare the entire global community for the future outcomes. The crises have several effects on the multilateral trading system and this has led to the regional dialogue on current and future challenges for multilateral trading system - Development Perspectives from MENA region. The discussion intends to connect various stakeholders found in the MENA region and is to be conducted through the exchange if analysis and information necessary in debating on several questions which include; what the above crises mean to the multilateral trading system and development perception of MENA region and what the pros and cons of WTO attainments of MENA countries comprise (Barnett and Rolando 2002). MENA region refers to the Middle East and North Africa which is mostly applied in business and academic scripts. The region covers Morocco to Iran and basically includes all the countries found in Arab Middle East and North Africa. Its population constitutes 6 percent of the world’s population. The region has enormous reserves of petroleum and natural gas that enable the region to be a major source of the global economic stability. Study show that the region has 60 percent of world’s oil raw materials as well as 45 percent of world’s natural gas. Â  It is true that MENA region is so diverse that it can not be referred to in generalised terms this is because it comprises of many countries with the common contributor for economic development. It is therefore not possible to talk of the region as