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Describe and compare the economies of the UAE and Australia - Essay Example

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BACKGROUND Dynamics of the last decade, with economic turmoil to be stated as the leading, had most prominent impact on economies of the entire world. The wave led the unexpected picture of world economies. Developed countries such as US and European countries felt the strongest shocks much more than that could have been predicted and economies ran on the ventilating situation with bail out plans to ensure their survival and growth within these regions fell below 2% (Das, 2012)…
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Describe and compare the economies of the UAE and Australia
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Download file to see previous pages During these crises, still there had been economies that featured sustainability and growth. Growth of BRIC countries is no exception. Among the growing economies, Australia also featured sustainability and growth with the support from its rich mineral resource base mainly and sound economic policies while UAE has sustained against the devastating impact of Arab up spring. Based on these facts of sustenance, the purpose of this report is to examine two countries on the economic front exploring similarities and differences in their economic mechanism. Two countries selected for the purpose, includes Australia and UAE as these two countries have made sound efforts in retaining the performance of the economies. INTRODUCTION TO ECONOMIES AND CRITICAL BACK GROUND Australia, country comprising entire continent and 48 states, has in the recent past transformed itself as among the internationally competitively advanced market economies. Country is rich with natural resources and hence, attracts huge foreign investment such as US$40 billion Gorgon Liquid Natural Gas project being among the huge investments in the country (CIA, 2012a). As quoted by The Australian Mines and Metals Association projects estimate of $427 billion of resources in pipeline and stated projects include $146 billion project related to liquefied natural gas only (Das, 2012). The country has managed to escape the global financial crises with boomed commodity demand that increased Aussie export by 42% since 2004 only; exports mainly to China (23% of Australian direct export to China) and diversion of investment in commodity due to lost confidence in financial instruments. All these external factors supported by government policies mainly by managing its debt position; reducing annual interest rate from 7.25% to 3.0% managed to minimize the impact of global financial crises. Despite Australian economy has managed to escape the global financial crises; however, the basis that provided country ground to take off flight from financial turmoil are dampening. For increased investment in the commodity by China was resultant of its capacity and need to the balance the risk it (China) had from its investment of US. 3.2 trillion in US dollars, euro- and yen financial securities (Das, 2012). Hence decline in the capacity of China, European banks diverting their investment to domestic market to boost local economy and external funded investment in resource taking sizable portion of the return from to investor leaving less for the country. Moreover, increased debt rollover capacity has also increased the concern for the country and it probability to take off flight, similarly as it did in times global financial crises, are not similarly high. Currently, GDP of the country for the third quarter of 2012 has been 3.10% (as compare to similar period of Y-o-Y basis); overall near to average that country has been maintaining (Trading Economics, 2012a). (International Monetary Fund, 2012) ECONOMIC VARIABLES FOREIGN DIRECT INVESTMENT (FDI) Australia has managed position among the top ranking countries in fetching ...Download file to see next pages Read More
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