The Economy of United Arab Emirates
The Economy of the United Arab Emirates is very unique in regards to transformation and growth. The country’s main economic source was always oil but now the country has become much more diversified and “71% of the country’s total GDP comes from non-oil sectors” (“Economy of the United Arab Emirates,” 2014). During the past thirty years, the country has gone through a complete economic shift. In the 1970s, The UAE was a ...view middle of the document...
Since 2009, the government has been focusing more on growth of the economy in other areas such as tourism and international finance, especially in Dubai, but the city of Abu Dhabi still relies heavily on oil exports.
The UAE is the world’s eighth largest oil producer and maintains a free-market economy. Economic growth in the UAE has been steady and continuous, except for a short economic downfall near the end of 2009, around the same time as many other countries, including the USA, were in a recession. Dubai was impacted the most, but “In December 2009, Dubai received an additional $10 billion loan from the emirate of Abu Dhabi” (“Central Intelligence Agency,”2014). The economy completely recovered with the help of high oil prices, increased government spending and a focus on tourism. The GDP of the UAE in 2013 was 269.8 billion and the income per capita was also high at 29,900. The UAE has a prominent force in today’s economic world.
Economy of the United Arab Emirates. (n.d.). In Wikipedia. Retrieved January 11, 2015, from http://en.wikipedia.org/wiki/Economy_of_the_United_Arab_Emirates
Central Intelligence Agency. (2014). United Arab Emirates. In The World Factbook. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html