The new economics in the Middle East.

The article looks at the long-term economic growth in the Middle East caused by the strong global demand for oil and discusses the effects of the Arab-Israeli conflict of 1973 on the oil-fueled economic upsurge. According to U.S. ambassador-designate to Saudi Arabia James E. Akins, oil earnings of Arab oil producing countries will go as high as 50-billion dollars by 1980. Iraq's attempt to build its economy systematically by reinvesting oil revenues is also explored.