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United Arab Emirates: Review of economic development - Research Paper Example

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This paper talks about the recent tendencies in the economy of United Arab Emirates. This country has developed into important world trading center and financial hub. The economic strategies, employed by the government, have enabled the UAE to consolidate its economic developments in recent times…
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United Arab Emirates: Review of economic development
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Download file to see previous pages This strategy is made with a view to reduce the role of public sector in the economic development. The educational reforms introduced by the Emirates have enhanced the participation of the private sector to a considerable extent. Several renowned global universities have established their educational facilities here. If the education system is improved to the international standards, it is expected that it will benefit the nationals and encourage them to join the economic mainstream for the country’s development in future. The government’s efforts in diversification into construction, trading and retail, financial services and tourism to reduce the Emirates’ share of oil in the economy has started yielding results, and especially Dubai has attracted huge foreign investments in construction sector, for example in Burj Khalifa and Palm Islands. The UAE as a financial hub and tourist center has a good scope for future growth in the region for catering to the financial, retail & trading and entertainment needs of the people in the middle-east. The rate of Inflation remained more or less around the reasonable limit of 5%. The UAE has a healthier current account balance due to budget surpluses. Economic Data of (1991-2000) In the Annexure – I ‘UAE’s main economic indicators 1990–1999’ the GDP growth for the period is given as below. 1990 1991 1992 1993 1994 1995 1999 GDP at current prices (Dh billion) 125.3 126.0 128.4 131.7 135.0 143.9 181.5 It could be observed that that is a steady growth noticed in GDP at current prices over the period. Annexure – III ‘UAE: GDP’ shows GDP in AED, per capita GDP and annual growth along with the components of GDP. The GDP at 383,430m AED in 2005 has increased to 620,316 in 2010. The exports, imports and...
This paper offers a comprehensive review of the economy of the UAE and tries to determine the future perspectives for the country development.
The economy of the country is predominantly oil based. The oil revenue is judiciously used for the development of infrastructural facilities, general economic growth and social welfare of the people.
The huge investments made in the energy sector attracted foreign market players into the Emirates. Still the government encourages private participation and public-private partnership for a sustainable growth and development in the long run. This strategy is made with a view to reduce the role of public sector in the economic development.
Workers from the different countries contribute significantly for the growth and development of the UAE, and the expatriates account for three quarters of the population. One of the seven states Dubai has made bold moves in attracting foreign investments and has become the financial hub of the middle-east over the period of time. UAE is known for its religious tolerance and attracts tourists from all over the world.
The future outlook for the UAE is promising. There are challenges on the way to achieve the desired objectives of the Emirates. The international price of the crude oil is an important determinant in future economic growth of the country. With the economy under growth trajectory, large oil reserves of the country and inflation under control, the country is likely to do well though Dubai’s fiscal deficit is a cause for concern.
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