The paper "The Economic Development Process - the UAE and Norway Economies Comparison" is a perfect example of a macro & microeconomics case study. The global market is gradually changing. In this case, the last two decades have experienced a series of changes in global market economic realignments with the emergence of new economies. However, the economic growth process is a risky and changing topography as different national and regional aspects impact on nation’ s development agenda. Some of the emerging economies globally include the UAE and Norway nations respectively.
This report offers a review of the economic development process and trends between the two nations. As such, it evaluates the existing economic similarities and differences between the different aspects, and eventually reviews the conditions and the impacts of the different economic situations to business environments in the respective nations. Among the reviewed economic elements in the study include the GDP value growth trends, per capita income, unemployment rates, interest rates, and the balance of payment respectively. 2.0 GDP Value The Gross Domestic Product (GDP) value is a measure of the value of all the goods and services within the boundaries of a given nation.
In this context, the overall GDP values are a representation of all the production activities in a nation, for both the domestic and foreigners in the market. The above measures are used to evaluate the nature and capacity of a nation to develop and grow its economy in the long-run period. Figure 1: UAE GDP growth rates Figure 2: Norway GDP Growth rates The above figure develops a clear illustration of the UAE and Norway country's economic GDP growth rates over the years.
In this case, the analysis indicates that the GDP growth rate has been changing over the years rising and declining effectively. On one hand, an evaluation of the growth trends in both nations indicates a range of similarities. On one hand, both countries have had less than 10% growth rates in the last decade. In this case, although fluctuating over the years, the growth rate has not expanded to over 10% (Zawya, 2015).
The World Bank, The Database, 2015. Web. Accessed 6th October 2015
Zawya, The Database. Web. Accessed 6th November 2015.