uae - UNITED ARAB EMIRATES ECONOMIC REPORT MACROECONOMICS...

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UNITED ARAB EMIRATES ECONOMIC REPORT MACROECONOMICS HARRISON LITTLE
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The United Arab Emirates (U.A.E.) is one of the most interesting developing economies to study in the modern age. Located in the Middle East, the federation of emirates has been acclaimed as one of the most rapidly growing economies in the world for their high real gross domestic product (GDP) per capita. The U.A.E.’s growing economy over the past 20 years, although secretive, has forced the government’s attention toward thinking forward and becoming internationally competitive. The U.A.E. was formed in 1971 and is a loose federation of seven emirates, similar to states, consisting of: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain . Since constructing the federation, no federal economic policy has been declared between the emirates. Instead, all economic activity, such as policy and flow of natural resources, is a function of the individual governments of each emirate. This lack of federal policy has made some emirates wealthier than others over the past decade, specifically Dubai and Abu Dhabi. Gauging the economic success of the emirates is difficult due to the very secretive policies of the U.A.E. government. Exact statistics on unemployment were unavailable to the general public until only recently, but even if they were, the statistics would be irrelevant. This is because over 80% of the employees found in the country are expatriate workers. The current unemployment rate hovers around 2.5%, but this figure only include citizens seeking employment, and the number fails to include the expatriate workers. It is very difficult to receive citizenship in the U.A.E. due to national policy, so this statistic is skewed. In fact, unemployment is becoming a problem for migrant workers, but there are no public statistics on where this unemployment rate actually stands.
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This note was uploaded on 04/22/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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uae - UNITED ARAB EMIRATES ECONOMIC REPORT MACROECONOMICS...

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