Economic Growth Performance Of Mena Countries Essay

In the United States, there is the growing macroeconomic issue over the rate of economic growth. This issue consists of the potential regression of the United States, Gross Domestic Product, commonly known as GDP. GDP can be defined as the market value consisting of all the goods and services that are produced in a country that falls within the given time period, usually marked as a fiscal year. In terms of economic growth, GDP will always have a direct correlation to growth within a country. An increase in GDP will lead to an increase in the economic growth rate, and contrastingly, a decrease in GDP leads to significant decrease in economic growth rate, also known as a recession. This current macroeconomic issue is presented due to the fact that the United States is poised for a year that is associated with an economic growth rate between 0% and 1%.

In 1997 the sales of natural gas surged in 1997 as one of Qatar’s North Field came on line (Beard, p. 18). This specific event contributed to a total GDP of approximately 30% (Beard, p. 18). Further development in 04’ can be directly attributed to transportation, storage, hotels, bank and finance and government. Again, Qatar’s reinvestment in their community enables them to function and thrive even with any imbalances in the gas and oil industry that many other countries base their entire GDP to. Further growth was seen through Qatar’s history though. Specifically, in 2008, Qatar’s capital was believed to have peaked. Further contributing factors are the positive traits that coincided not only with the factors that enabled them to grow not only in the hydrocarbon sector nonetheless the non-hydrocarbon sector as well. The labor growth within Qatar has indefinitely increase. Specifically, many workers have migrated from one sector of growth to the other. The IMF stated that, “Qatar’s population rose from approximately 650 000 in 2001 to 1.9 million in 2013. The employment-to-population ratio rose from 48 percent in 2001 to 68 percent in 2007 and more than 85 percent in 2013. As a result, growth in GDP per worker has been slower than growth in GDP per population (Table 1). This is illustrated in the case of the non-hydrocarbon sector, which appears to be growing fast in per-capita terms but not in per-worker terms” (Beard, p. 20). However, with this population increase occurring, production by these workers lacked. IMF found that this production was in decline from 01’ through 09’, but then elevated in 12’ with a slight decline yet again in 2013. This may only be explained by the shift of labor to the construction sector of the

Economic growth is defined as an increase in the GDP and standard of living over a period of time, and as indicated by those numbers, our GDP has been pretty steady, which is why the economy is not growing. Some people may not be able to experience economic growth. For example, if a person inherits a house from a family member that passed away, they might not be able to actually enjoy that increase in the standard of living because they might experience property tax. Another indicator of economic growth is an ability to increase a person’s leisure time. With an increase in more efficient technology, output time can increase. Meaning that when it previously took eight hours to complete the day’s quota, it could now take four hours, and the workers are left with four hours to do something else, but still make the same amount of money. A third indicator of economic growth is a change in the social norms of the country. In 1920, women were given the right to vote. In the 1970’s, women started working.

The two countries that i have chosen were Benin and Libya. Benin being the expansionary country and Libya being the recessionary country. Benin’s economy is primarily dependent on agriculture and cotton. They also produce textiles, beans, rice and other items like that. Benin has also begun producing offshore oil. Since 1990, Benin has went through an economic recovery. A large input of outside investment from public sources has reduced the economic struggles of the early 1990s caused by global recession. Benin is rapidly growing its economy and is starting to do well. As for future aspirations, Benin looks forward to keep growing and expanding their economy. Libya on the other hand depends primarily on petroleum, which contributes practically all export earnings and over half

In the Middle East there is a high level of disposable income which makes the potential growth rate very high in this region. There is also expected to be a high demand for computers which makes this market very attractive. N-Tech is excited to see the growth in this region. We are expecting high demand with a lot of growth coming in the next few quarters. With the disposable income the Middle East is expected to have, we will make sure we are meeting the demand and needs of this region. In Latin America, they are predicting for the economy to grow and outperform most of the industrialized nations. Latin America seems to be growing in the overall market and staying strong. Africa had a recent discovery of oil which will likely give the economy a boost. The growth rate in Africa is expected to climb in the next few quarters.

Despite political setbacks, the country has been thriving economically due to it’s humongous amounts of natural resources. The city is rich in petroleum and natural gas, which allows it to grow in today’s economy with it’s high demands for oil as transportation fuel. Algier’s economic strength comes in as a source of the world’s oil and a growing economic power in Africa due to a recent industrial revolution. However, aside from fossil fuels and mining, the city has no other industries that serves as a backup if the petroleum industry experiences a period of low demand. In the past, during times of decreased oil prices, Algiers has suffered tremendously from virtually zero national income. Such economic risk is certainly a weakness of Algier’s one-dimensional economy, for it is too dependent on one industry to be able to achieve a reasonable level of

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

of countries. The authors begin their thorough examination studying from the years from 1972 to

Generally, economic development in Azerbaijan has been slower than most development economists would have anticipated, considering the fact that when compared to many other developing countries in Africa, Azerbaijan is a

This so called “oil-curse” has hindered both the political and economic growth in the MENA region. Although it has hindered it, I don’t mean in the negative side were money isn’t flowing into these countries, I mean that the countries are not in the best health. With having oil, and being able to sell it at huge profits come at big loses for the citizens for these various countries. Even though countries like Qatar, and Saudi Arabia are quite rich, the amount of political corruption happening in these countries. Political corruptions in the government has caused the political growth in these country’s to be turned upside down and many rebel groups have taken over the region. In the MENA region, this “oil-curse” has gained the region in wealth, however the way the wealth is being spent isn’t aiding to the countries growth. And in having such wealth, and it being spent in such a way, the countries are very easily paying for their political ideologies and aiding rebels whom many considered terrorist.

One of the aims for this essay is to establish whether there is a relationship between growth and the historical context of the countries. One could say that the obstacles to growth for developing countries could be based on the historical context of the countries. After receiving independence in the 1950 and 1960s, they regarded colonialism to be in the past and the only way was forward, aiming for economic development and prosperity (development book pg1). However According (development book pg1) imperialist exploitation in western development and the west domination of the world economy foredoomed the new states to be dependent. In other words Western Europe and North America had in with the natural course of Africans industrialization

In the periods of 1980s and 1990s the introduction of structural adjustment programmes differently named as economic reconstruction programme, new economic policy, economic adjustment programme and so on in several African, Latin American, Caribbean and Asian countries. The focus of the programme at two levels one is micro level and second is meso level. At micro level programme has been towards liberalizing the markets and creating an environment for global transfer of goods and services. At meso level, the

(Landefeld, Seskin, & Fraumeni, 2008), elects same position with Hobijn and Steindel. Gross Domestic Product can be as a benchmark for a country growth level. In order to measure

Classified by the World Bank as an upper middle income country, Algeria’s economy is primarily dominated by state-entities although the country began opening up the economy to both foreign and private domestic participation in the mid-1990s.After posting low growth during the civil wars in the 1990s, the Algerian economy grew at an average of 2.72% over the past two decades, mainly attributed to hydrocarbon exports on which the economy is heavily reliant upon.

The Philippine economy has experienced repeated boom-and-bust cycles in the 5 decades since the nation achieved independence from the United States in 1946.