Is oil really that powerful?

[RayKalm]

List of countries by GDP (PPP) - Wikipedia, the free encyclopedia

Look at the amount of sanctions Iran has been through over the last 30 years - yet look at it's continous growth. It grew by 82 Million from 2009-2011.

Saudi Arabia, another oil rich country, grew by 53 Million from 2010 to 2011.
Egypt, yet another country filled with it's beloved oil, grew 14 million (which is quite low actually, must have been the recent events) from 2010 to 2011.

Indonesia grew nearly by 100 million in 1 year. Turkey's stats seem undefined as it seemed to have shrunk, but that doesn't seem right.

Our country, Pakistan grew by 20 Million in a year. From 466 Billion to 488 Billion.

Quite sad we're just about to hit the 500 billion mark, when we should be hitting the 1 trillion mark. Turkey and Indonesia have reached there, and Iran will reach there in a few years. The first two of the mentioned nations don't have the benefit of very valuable resources. They may have population, but so do we.

 

[longbrained]

No. Oil is not everything. Even in case of Iran that you have brought up oil just constitutes about 10% of their economy. GDP is about all products and services made in a country minus the amount it imports. So the bigger your production and lesser your import, your GDP goes up. In fact being dependent on oil or any other resource to high degree is dangerous for an economy and causes Dutch disease.

 

[killerx]

oil is easy money but not for every one see dubai it has no oil but is developed so fast the oil in arab is gift grom ALLAH.but the non oil counrty are tronger and more powerfull take iran

 

[RayKalm]

No. Oil is not everything. Even in case of Iran that you have brought up oil just constitutes about 10% of their economy. GDP is about all products and services made in a country minus the amount it imports. So the bigger your production and lesser your import, your GDP goes up. In fact being dependent on oil or any other resource to high degree is dangerous for an economy and causes Dutch disease.

I think you got your math wrong. Iran makes up about 80% of it's economy due to their oil.