StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Economics in the World - Essay Example

Comments (0) Cite this document
Summary
This paper is a review of the key structural characteristics of the economies of the Gulf Cooperation Council (GCC), which is composed of six member states. This paper also focuses on the macroeconomic developments that have been taking place in the GCC countries over recent…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.9% of users find it useful
Economics in the World
Read TextPreview

Extract of sample "Economics in the World"

Download file to see previous pages Between 2003 and 2006, trade in goods within these countries doubled. GCC states’ share of world trade increased to 2.7% from 1.9% during the same period. Total exports of goods in 1990 stood at USD 86 billion, but increased to USD 110 billion by the end of the 1990s. In 2006, total exports rose to USD 422 billion. In terms of imports, total imports were at USD 48 billion in 1990, and increased to USD 82 billion by the end of the 1990s. By 2006, the imports in the GCC states were at USD 238 billion. In 2006, the difference between imports and exports was 184 billion. The main consumer of GCC states’ exports is Asia, while the European Union accounts for nearly one third of the imports to the GCC states. In 2006, exports to Asia from the GCC states stood at 60%, with Japan accounting for 21% of the exports.
Saudi Arabia and other Gulf states emerged as key global players in the first decade of the twenty-first century. This development facilitated by the enormous resources and capital that was accumulated by these countries in the course of the second oil boom experienced in the year 2002-2008. Through theinfluence of their resources, these countries started reshaping the economy of the world. This influence was more eminent in the wake of the 2007-2008 economic crisis. Partnerships with countries such as China, Russia, East and South Asian nations, and India diverted the Gulf States’ focus further eastwards (Ulrichsen 118).
The global share of natural gas and oil is anticipated to increase by 5% by 2020 from 28% which was recorded in 2000. With most of these resources going to the Asian market, the GCC states will most likely increase their diversification and widen their economic interdependencies for the Asian market. According to statistics, 40% of the increase in global oil and natural gas consumption was traced to China from 2004 and 2007. In 2009, China’s import of oil from Saudi Arabia surpassed that of the United States ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economics in the World Essay Example | Topics and Well Written Essays - 3250 words”, n.d.)
Economics in the World Essay Example | Topics and Well Written Essays - 3250 words. Retrieved from https://studentshare.org/miscellaneous/1610641-economics-in-the-world
(Economics in the World Essay Example | Topics and Well Written Essays - 3250 Words)
Economics in the World Essay Example | Topics and Well Written Essays - 3250 Words. https://studentshare.org/miscellaneous/1610641-economics-in-the-world.
“Economics in the World Essay Example | Topics and Well Written Essays - 3250 Words”, n.d. https://studentshare.org/miscellaneous/1610641-economics-in-the-world.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economics in the World

Tech Article

1 Pages(250 words)Essay

Business Economics for the World Market

...in moves such as selling common stocks to finance this project. The firm should implement changes in its risk assessment protocols for new products or capital projects in order to incorporate the utilization of methods such NPV to assess the viability of a project prior to investing money in research and development initiatives. 2) The video rental store owner would have benefited a lot from having more knowledge about economic concepts. It is possible that the owner made a decision based on the law of demand and supply which stipulates that by lowering the price of an item the volumes of sales will go up as a consequence. The error the video rental owner made is that he did not consider the implications of having a...
3 Pages(750 words)Essay

Impact of Inflation in World Economics

.... The rates of inflation depicted in the figure are those of the recent period. Source: (Trading Economics, 2011). The figure is a clear representation of the rate of inflation in various countries of the world inclusive of the western countries, European countries, Australia and the major Asian countries in terms of economic growth and also population. It is evident from the figure that rate of inflation in India and China is the highest in the entire world in recent times. This is the basis of the present research that will be concerned with finding the causes of inflation along with its effects and most importantly finding an effective way of managing inflation. 2.0...
8 Pages(2000 words)Dissertation

Micro Economics in the Real World

...COMPARING ECONOMIC INDICATORS: GERMANY VS INDIA Macroeconomic indicators are variables drawn from the leading sector of the economy which serves as the determinants of economic growth and development of a country. These indicators include; inflation rate, unemployment, gross domestic and national products, per capita income, interest rates, balance of payment and the level of national debt expressed as a fraction of the GDP. Even with the increasing globalization and economic integration, the economic performance of countries is still significantly different. For instance, in developing economies, the fraction and poverty index increases as opposed to developed economies...
4 Pages(1000 words)Term Paper

China in the World Economics

...The trading sector of China combined with her large population and recent economic growth had added fuel to its international claim to go global. Problems to infrastructure and other developmental challenges are also important while considering China's growth. As a successful trading nation and a partner in world trading system, China also poses hope for offering more opportunities to business and developmental potential within her ever-expanding economic space. With issues like WTO compliance, Human Rights, Intellectual Property rights and business and international labour or other services sector that pose veritable concern for European and American partners, China's hope towards the...
12 Pages(3000 words)Essay

China in the World Economics

...and China is the first non-EU country to participate at the Galileo program. Politically, they share much in common as both believe in multilateralism, pursue democracy in international relations and work for safeguard the authority of the United Nations. China's integration into the global economy will further accelerate with its recent accession to the World Trade Organization (WTO). Numerous key sectors of China's burgeoning economy, such as banking and finance, are being forced to open up and liberalize, regardless of whether they are prepared. Beyond economics, China is a permanent member of the UN Security Council, possesses intercontinental-range nuclear weapons, and has become gradually more...
6 Pages(1500 words)Essay

Managerial Economics - Disney World

...Mickey Mouse Monopoly: Disney Walt Disney or commonly known as Disney World is a major recreational source having four main theme parks. Other than these, it contains water parks, golf courses, sports complex and a race track. It started on October 1, 1971 with a mission to capture the market in a whole more specifically, to recover the lose in market due to other theme parks like Six Flags etc. Back to history, Disneyland was the first theme park located in Anaheim, California. Being the unique in market it played the role as monopolistic business with attendance of around 134,300. But, in this world of competition no one remains alone to grasp. Soon, competition came up and Disneyland started to lose...
2 Pages(500 words)Case Study

The Modern World: Politics, Economics, Conflict

...The Modern World: Politics, Economics, and Conflict Introduction This present paper provide answer to questions that relate to the declaration of independence, bill of rights, rights of man, rights of woman, and the Robespierre’s justification of terror. The declaration of independence The first two paragraphs on the document acknowledge the importance of a government and the governance structure, which are instituted to protect the common interest of the people, which include unalienable rights such as the right to life, liberty, and the pursuit of happiness. The document affirmed the assertion in the writings by Tignor et al., that the government is the people and for the people. This is because,...
2 Pages(500 words)Essay

The Victorian World and the Underworld of Economics

...The Victorian World and Underworld of Economics Robert Heilbroner in this chapter “The Victorian World andthe Underworld of Economics” argues that most of the early economic thinker’s works went underworld of economics due to its irrelevance or lack of attention at the time. Some of the thinkers whose work was confined to the underworld include: Karl Marx, Malthus, Utopians and three out of five Victorian Age (reign of Queen Victoria, 1837-1901) economists (Francis Edgeworth, Frederic Bastiat, and Henry George). The other two include: John Hobson and Alfred Marshall (Heilbroner, 1999, p. 170-212). Marx predicted the immiseration of the...
1 Pages(250 words)Essay

International economics theory to real world issues

...of increasing wealth for countries. International trade and international economics International economics concerns itself with the effects on economic activity of global differences in productive resources and consumer preferences or tastes and the international institutions that affect them. The aspect of international economics seeks to explain the patterns and results of transactions and interactions between inhabitants in different countries. The aspect of international economics includes international trade, migration, and investment. International trade being one of the key pillars of international economics is supposed to be a...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Economics in the World for FREE!

Contact Us