Economy, Trades, Exports, Agriculture
Yemen has several natural resources that it exports to various other countries. Oil is one of the most valuable resources and wasn’t actually discovered in the country until the 1980s. There is a pipeline that transports the crude oil to wells in Hodeida, a port city on the Red Sea. There is also limestone and marble throughout Yemen as well as coal, copper, lead, gold, zinc and rock salt mining.
Yemen has large areas of fertile soil, in which crops grow particularly well. These include figs, bananas, mangos, almonds, walnuts, pears, pomegranates and various spices. It is also has a major fishing industry, including sardines and mackerel.
Despite the natural resources and agriculture of the country, it is still one of the poorest and underdeveloped countries in the Arabian Peninsula. It has an unemployment rate of about 65%. A high percentage of the population is not yet considered adults, which contributes to the unemployment rate being so high.
Yemen is not able to compare to the other Middle Eastern countries in terms of its economy because it has very small oil reserves. What it does have, it depends heavily upon. It is estimated that the oil reserves will be depleted by 2017, which could bring on the economic collapse of the country.
Since the conclusion of the Persian war, the currency has become very weak, though in 1995, the country was able to launch a financial reform known as the EFARP with the support of the IMF (International Monetary Fund) and the World Bank. This has had a significant impact on the economy and has helped in some of the poverty-ridden sectors of the country.
Some of the other programs by the Yemeni government are focusing on the non-oil sector, reducing unemployment and overall increasing the financial stability of the country. The country continues to receive financial assistance from other countries, however it struggles because of the imbalance within its own population due to the number of workers and political struggles endured by the country.
The country is able to survive predominantly because of the rich agriculture of the country. There is a significant amount of fertile land in the Western highlands, which produces a lot of wheat and various fruit bearing trees. There are also large farms where lamb and chicken is harvested for consumption of the population.