Essays on Economic Development in the UAE Case Study

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The paper "Economic Development in the UAE" is a perfect example of a micro and macroeconomic case study.   Prior to discovering and export oil, the economy of the UAE placed reliance on the nomadic, agriculture, fishing and seafaring. The time prior to discouraging oil and thus, depicted the nation’ s scarce resource and lead to a simple subsistence economy (Arrunada, 2013). The era of economic development in UAE started in early 1970 followed by explosive growth in oil prices in 1973. Political and Social Stability This one of the main contributes to the economic progression in UAE.

Since its formation in the year 1971, UAE enjoyed stable politics, the presence of a political structure that turns to suit the society in UAE and the supply of huge oil income in the form of societal and economic development, high salary and high standard of societal services like the health and education lead to improved living standards and reduction in chances of internal political and societal unrest. It is worth outlining that the UAE government has upheld a good record on human rights. This lead to the promotion of political and societal stability.

The UAE is an aggressive and active member of many regional and international associations. Political and societal stability depict a strong correlation with liberal trade policy and has opened ways for the venture in the economy of the UAE (Balian, 2009). Table 2.20 Sectoral contribution to GDP (%) 20011 - 2015 Sector 2011 2012 2013 2014 2015 Agriculture, livestock and fishing 2.2 1.9 1.7 1.6 1.7 Mining and quarrying 32.4 32.6 33.2 33.8 29.2 Crude oil and natural gas 32.1 32.3 32.9 33.5 28.9 Quarrying 0.3 0.3 0.3 0.3 0.3 Manufacturing 14.5 15.9 15.4 15.1 16.2 Electricity, gas, and water 1.8 1.6 1.5 1.5 1.6 Construction 9 9.7 9.6 9.7 10.7 Wholesale and retail trade, and repair services 9.2 8.8 8.8 8.6 9 Restaurants and hotels 1.8 1.7 1.7 1.6 1.8 Transport, storage, and communications 6.8 6.7 6.7 6.5 7.1 Real estate and business services 7.7 7.3 7.3 7.7 8.2 Social and personal services 1.8 1.7 1.7 1.7 1.9 Financial corporations 5.7 5.5 5.4 5.3 5.8 Government services 8 7.5 7.8 7.5 8 Domestic services of households 0.6 0.6 0.6 0.5 0.5 Less: Imputed bank services 1.5 1.4 1.3 1.3 1.4  

Bibliography

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