an economic comparison of three countries

[Nin-Yaaban]

They just need to move away from economies based solely on oil and into other things. Most of these countries get something like 80% of their revenue from oil. They're gonna be in alot of trouble if the oil runs out or people buy cars that run on other things. The UAE is the only country there now diversifying it's economy.

[Coloow]

Ailomos,

There are some issues that cannot be discarded when comparing the economic performance of countries;

 

1) You cannot compare an apple and a peach; Most countries in the west have systems/mechanisms that make it easier to estimate economic growth while many developing countries lack these. There is for instance a large percentage of people who work in traded sectors but whose contributions are not accounted for.

 

 

2) It depends on where the country in question starts from; to take an example, many african countries have recorded growths exceeding 10 % during the past decades but that does not mean that their percapita will grow with as much.

 

If you look at the other indices e.g. human growth index, then there is a wide gap between the UAE and Austria.

 

In recent years, evolutionary economic theorising has shed some light on the need for other ways to appraise growth (e.g. long-term qualitative changes, education(R&D) share etc.

 

The UAE suffers from what is known to economists as the dutch disease - which is an offspring of the resource curse- where non-oil sector is crowded out

 

By, the way are you in Austria or any other member for that matter?

[ailamos]

^ I agree Baadiyow, and thank you for the insight... the comparison was not scientific at all and I'm not an economist by any means... it just roused my curiosity

 

Yes, I lived in Germany, Austria and France for a couple of years (six month assignments) and I worked in the UAE, which is why I found this interesting...

[Yaabka-Yaabkiis]

Nin Yaaban they are moving to Tourism industry Goorta ideas and architecture are not belong to them---Goorta customer preference in Tourism Industry controlling by west....lol

[Yaabka-Yaabkiis]

You cannot compare an apple and a peach; Most countries in the west have systems/mechanisms that make it easier to estimate economic growth while many developing countries lack these

Is there new mechanisms that make it easier to estimate economic growth--i care to know walalo...

[Coloow]

Nin Yaabanow, it is also a challenge estimating these things; in particular, in developing countries where there is a huge discrepency between official figures and actual economic transactions. My favourite book/article on the subject has been written by Sidney Winter and Richard Nelson. You can access the abstract to their opus here.

 

http://www.jstor.org/pss/2230572

 

Aliamos,

I understand sxb; your figures are ok. I am sure they were done "scientifically". It is the conclusions that can be drawn from these figures that is the problem.

 

I am looking for contacts in Vienna, because I want to visit it and have a somali "guide"