Comparison between GCC and Trade Block Performance (G7 United States)
The economies of the United States and the United Arabs Emirates are diversified in various aspects. UAE has a budget of $136.60 billion and is ranked 25th largest economy globally. The United States has the largest economy globally with budget revenue of $2.45 trillion. The UAE has a budget surplus of 7.2 percent of the GDP, while the United States has a budget deficit of 6.8 percent of the GDP. Unlike the UAE economy which is more dependent on oil and natural gas, the United States economy is more market oriented. The GDP growth in the United States was more threatened by the 2008 economic crisis which resulted from the mortgage market and banking system failures.
UAE ranks 16th largest exporter globally with an export value of $350.1 billion, while the United States is the second largest exporter globally with a value of $1.56 trillion. The United States has a GDP size of $15.68 trillion, compared to the UAE which has a GDP of $349 billion. When it comes to GDP per capital UAE enjoys $24176.95 and is ranked position 11 globally compared to the United States, which has a GDP per capita $45759.46. The purchasing power parity by consumers in the UAE is $29200 and ranks 32nd largest globally compared to the United States with a purchasing power parity of $51700. The purchasing power parity in real GDP for the United Arabs Emirates is 23668.68, while the US has a real PPP of 47587. The gross national income is $49.21 billion, while that of the United States is $9.78 trillion and ranks first globally. The inflation rate is 0.7 percent in the United States compared to United States with inflation rate of 2.1 percent. Public debt accounts for 42.6 percent of the GDP in the UAE and 70 percent of the GDP in the US. The unemployment rate in the UAE is 2.4 percent while that for the United States is 8.1 percent (The World Bank). Given the size of its population, UAE is performing better economically which is why it has made in the global scale of best performing economies.
UAE Development AT THE Global Level
United Arabs Emirates has observed positive transformation enhancing its global competitiveness position, which means more than just economic scenarios in the country. This transformation reflects the country’s stable position in the different sectors, which has enabled the economy to compete favorably with other advanced economies that have been global leaders for many decades to become among the top 10 list of best economies globally. Various factors have enabled the federation to become among the best performing economies globally. To begin with, the ease of doing business index is among the highest globally, having taken the lead in the index in the Arab region in the year 2014/2015 according to the World Bank Report. UAE is also one of the best performing economies in the Arab World and retained index lead among the Gulf region countries and 31st globally.
Innovation has been a central indicator in economic development in the UAE. Innovation index for the federation was the highest among the Arab country and ranked 36 globally as of 2015 according to the World Intellectual Property Organization of the United Nations. Global innovation index shows that UAE has done in different factors that determine the global innovation index such as institutions, political, human capital and research, education, research and development, communication and technology, environmental sustainability and business development (Al Hamdani, Lazarova, & Di Maria, 2017). These factors have contributed significantly to the country having of the best economic freedom index, and the global prosperity indices both regionally and globally.
References
Al Hamdani, H., Lazarova, E., & Di Maria, C. (2017). FDI, Economic Performance and Technological Spillover Effects: Evidence from UAE. Economic and Social Development: Book of Proceedings, 531-544.
Berganza, J. C., Del Rio Lopez, P., & Borrallo, F. (2016). Determinants and implications of low global inflation rates. Banco de Espana Occasional Paper, (1608).
Coscieme, L., Mortensen, L. F., Anderson, S., Ward, J., Donohue, I., & Sutton, P. C. (2020). Going beyond gross domestic product as an indicator to bring coherence to the sustainable development goals. Journal of Cleaner Production, 248, 119232.
Embassy of the United Arabs Emirates. (n.d.). Health Care. Retrieved from Embassy of the United Arabs Emirates: https://www.uae-embassy.org/about-uae/health-care
Government of Abu Dhabi. (2008) The Abu Dhabi Economic Vision 2030. Abu Dhabi: Government of Abu Dhabi.
Government of Dubai. (2016) Dubai Industrial Strategy 2030. Dubai: Government of Dubai.
Khaleej Times. (2020, September 26). UAE unemployment rate among lowest in the world. Retrieved from Khaleej Times: https://www.khaleejtimes.com/business/economy/uaes-unemployment-rate-is-22-among-lowest-worldwide-fcsa-
Ministry of Economy, United Arab Emirates. (2015) Annual Economic Report 2015. Abu Dhabi: Ministry of Economy, United Arab Emirates
Ministry of Economy, United Arab Emirates. (2017) Annual Economic Report 2017. Abu Dhabi: Ministry of Economy, United Arab Emirates.
The World Bank. (n.d.). World Bank national accounts data, and OECD National Accounts data files. Retrieved from The World Bank: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
Trading Economics. (n.d.). United Arab Emirates GDP Annual Growth Rate. Retrieved from Trading Economics: https://tradingeconomics.com/united-arab-emirates/gdp-growth-annual
Trading economics. (n.d.). United Arab Emirates Inflation Rate. Retrieved from Trading economics: https://tradingeconomics.com/united-arab-emirates/inflation-cpi
Trading Economics. (n.d.). United Arab Emirates Unemployment Rate. Retrieved from Trading Economics: https://tradingeconomics.com/united-arab-emirates/unemployment-rate
UAE Ministry of health and Prevention . (n.d.). Strategic Partnership . Retrieved from UAE Ministry of health and Prevention : https://www.mohap.gov.ae/en/Aboutus/Pages/StrategicPartnership.aspx
UAE.gov. (n.d.). The United Arab Emirates’ Government portal. Retrieved from UAE.gov: https://u.ae/en/about-the-uae/leaving-no-one-behind/4qualityeducation Running head: GULF COOPERATION COUNCIL – UNITED ARABS EMIRATES 1 Gulf Cooperation Council – United Arabs Emirates Student’s Name Institutional Affiliation Running head: GULF COOPERATION COUNCIL- UNITED ARABS EMIRATES 1 Gulf Cooperation Council- United Arabs Emirates Student’s Name Institutional Affiliation
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