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Macro Project - Assignment Example

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It is important to note that these figures and statistics are accurate as far as 2013 is concerned. Data for 2014 and 2015 are scanty.
Both Qatar and Kuwait have low population especially when…
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Qatar and Kuwait Economies Qatar and Kuwait Economies The table below compares various social-economic aspects of Qatarand Kuwait. It is important to note that these figures and statistics are accurate as far as 2013 is concerned. Data for 2014 and 2015 are scanty.
Country
Total population
GDP growth rate %
Rate if unemployment %
Rate of Inflation %
exports
imports
Qatar
2.169million
6.3
0.5
3.5
-crude oil and other petroleum products
- raw aluminum
-fertilizers
-vehicles
-ornaments and jewelry
-airplanes
Kuwait
3.369millio
8.3
3.4
2.9
-Petroleum products
-cement
-ships and containers
-food
-construction materials
-vehicles
Business Monitor (2014).
Both Qatar and Kuwait have low population especially when compared to countries with very high population such as China and America. Though the population is small, both countries enjoy considerably high GDP. Kuwait, with bigger population than Qatar, has a bigger GDP. As Olof, (2012), would put it, a high population always posts better GDP especially when total human resouce is engaged.
Attributed to their low population, the two countries have achieved one of the highest employment rates in the world. As the statistics have it, the two countries have achieved above 90% employment rate and hence the economy grows rapidly. The rate of inflation in the two countries is very low, though some disparities are clear. When it comes to exports, the two countries export petroleum products as their principle source of foreign exchange. However, Qatar exports fertilizers and raw aluminum while Kuwait exports cement and ships. Their chief imports include cars, jewelry and aircraft; and food, construction material and vehicles for Qatar and Kuwait respectively.
Qatar has favorable balance of trade as the difference between the export and import is very high. This means that the currency in Qatar is very strong against that of the trading partners. This implies that the country earn a lot in terms of foreign exchange. As such, it is important for the country to maintain its export at a higher level as it directly impacts its economic growth. Other significance of a higher net export is that the country will have better terms of international trade and higher bargaining power in international trade and other affairs, Hightower (2008).
References
Business Monitor. (2014). United Arab Emirates Petrochemical Report Q4 2014. Research and Market,34(1); 20-80.
Hightower, R. (2008). Handbook for UAE sustainability in organization. New York: John Wiley & Sons.
Olof, A. (2012). Economic factors in the UAE. London: Springer Sciences & Business Media . Read More
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