The paper "The Economies Of The UAE And South Korea" is a great Macro & Microeconomics essay. Both the United Arab Emirates South Korea have large economies. However, the factors that contribute to the growth of the gross domestic products are different in both countries. However, there are some economic characteristics in the United Arab Emirates economy that make it similar to the economy of South Korea. Therefore about UAE and the South Korean economies, the gross domestic product, inflation, imports plus exports, and labor and unemployment are some of the factors that help to define the similarities and the differences between the two economies. The economy of the UAE Over the years, the United Arab Emirates has been diversifying its economy.
The United Arab Emirates economy is viewed as the second-largest economy after that of Saudi Arabia in the Arab World (IBP 2016). However, although the UAE has been diversifying its economy, the central reliant of the economy remains to be oil especially in Abu Dhabi with Dubai as the only exception. During the year 2009, the economy of the UAE was based on the exportation of oil. The Gross Domestic Product Various economists have calculated the real growth of the gross domestic product of the year 2014 and found it at 7.4 percent thus the GDP grew to the figure around US$103 billion.
In the period of the years ranging from 1990 and 2006, the real gross domestic product of the United Arab Emirates was adamant which was necessitated by investment in other sectors than relying on oil as the primary investment area. In recent years, the gross domestic product of the United Arab Emirates expanded by 3.90 percent in the year 2015.
According to Tradingeconomics. com (2017), the average growth rate of the gross domestic product of the United Arab Emirates recorded the figure of around 4.76 percent from the year 2000 to the year 2015. UAE economy falls as the prices of the oil falls and vice versa since it is its main product which contribute to the growth of the economy. Inflation The inflation rate of the UAE has been rising sharply over the years considering that the economy is an oil-based economy.
In the year 2014, the inflation rate rose sharply hitting approximately 4.5 percent which is according to the government reports and figures (Arabian Business 2017).
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