Question

Country Analysis

Selected Country: UNITED ARAB EMIRATES (UAE)

1. Introduction
   • Geography and natural resources
   • Population
   • Historical past – in the context of changes to economic production and political systems
   • Political and economic system (for e.g. democracy with free-market structure)
2. Economic status and growth
   • GDP, real GDP, real GDP per capita, PPP adjusted GDP per capita. Growth rates of GDP, population – you can use website gapminder for relevant tools and information.
   • Sectorial contribution to GDP
   • Inflation
3. International Trade and Investments:
   • Export and Import, Trading partners
   • Balance of payments
   • FDI
4. Global economic Integration
   • Openness, participation in trading blocs
   • Protectionism: Tariffs and quotas WTO membership
5. Economic challenges: Identify and discuss at least 2 economic challenges (defined broadly) faced by the country. Is the country taking any steps to address the problems?
6. Summary about growth outlook

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Note: Please make a good report with the above heading related to UAE, and please try to not have much plagiarism

Answer 1

United Arab Emirates is a country situated in Western Asia on the coast of Arabian sea. It borders Oman, Saudi Arabia, Qatar, and Iran.

The coutry is a monarchy with seven states. Country's capital is Abu Dhabi. UAE is an Islamic country with presence of free market economy. Total population is around 10 million out of which 75% to 80% are expatriates. The country is famously known as tourist and aviation hub. Its natural resources mainly consist of petroleum products such as crude oil ( oil reserves are sixth largest in the world ) and natural gas ( natural reserves are seventh largest in the world ).

The country was poor like other Asian neighbours until the oil was discovered. Discovery of crude oil coupled with industrialisation has brought huge prosperity to the country. Nominal GDP of the country is worth $415 billion which is second largest in the region after Saudi Arabia. Nominal GDP per capita is $37,750 whereas GDP per capita on PPP terms is $70,000. The GDP growth in 2019 was around 1.7%.

Contribution of Industry as well as service sector is 50% each. Inflation rate in 2019 was at 1% in 2019.

Exports in 2017 was worth $300 billion whereas imports was worth $230 billion and also the country had a $27 billion surplus in current account. India and Iran are the largest trading partner of UAE. Main trading blocs are OPEC and WTO.

Country is mainly dependent on revenues from crude oil exports and tourism which is a huge weakness of the economy. In order to be a sustainable advanced economy diversification should be continued at an even greater speed.