...Macedonia: Economic History and Current Economic Environment The economy of Macedonia was almost none existent before its independence in 1991. During the period of the former Republic of Yugoslavia control “Macedonia only produced 5% of the total output of federal goods” (CIA, Macedonia Economy-overview), compared to all other former Yugoslav states. In Macedonia from 1991-1996 the economy was very unstable due to no government aid, which it formerly received from the Republic of Yugoslavia. Macedonia also had embargoes and trade sanctions from Greece and the United Nations respectively during this period. In 1996, the economy began steady growth until 2001. In 2001 internal conflict caused a decrease in GDP but rebounded quickly after. The economy took a hit in 2008 when the world economic problems caused a worldwide recession. With little effect on GDP from the recession, late in 2008 the Macedonian economy began recovering with a rise in exports and strengthening the infrastructure. During 1991-1996 the economic growth rate was minimal at best. From 1991 to 1994 the GDP declined because there was no foreign direct investment and the economy was drastically affected with a decline in growth. “The economy settled on a positive growth path from 1996 onwards but this was interrupted in 2001, the year of internal civil conflict.”(ILO, p.10) The change from a socialist economy to a market economy has had its ups and downs; the unemployment rate is very high at 29.1%(CIA)...
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...MUSCAT— Since the Royal Decree of His Majesty the Sultan to establish Oman’s full-fledged embassy in Bangladesh last September, the two countries have seen a flurry of activity as they have started gearing up to take their bilateral co-operation to higher heights. The Omani Embassy has already started working on a limited scale in its new premises in Dhaka from the hitherto single room in Qatar Embassy. Oman Oil Company is keen to invest in Bangladesh’s fast growing oil and gas sector. To this effect, it has submitted a proposal to its counterpart in Bangladesh, namely, Petrobangla, for joint venture deals in the oil and gas sector, said Mohammad Khorshed Khastagir, Counsellor and Charge d'Affaires, Bangladesh Embassy. Many multinational companies have already invested in gas exploration in Bangladesh. US based Chevron Energy is currently producing around 1150mmcfd gas, which is roughly half of Bangladesh's daily production. Energy prices in Bangladesh are most competitive in the region. Transportation on green compressed natural gas is less than 20 per cent of the diesel price. Oman’s Sadara Development and Investment LLC is exploring ways to source Bangladeshi expertise and investment for shrimp farming and aquaculture in Oman. Studio Ecotecture Limited, an engineering consulting firm from Bangladesh, recently signed a MoU with Al Badi Trading and Cont Est. of Oman for JV in engineering, construction, infrastructure, and real estate projects in Oman. Muscat Thread Mills...
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...1. Introduction. This project is about the comparison between 2 country that is USA and China in terms of capitalism and democracy their economic growth and their personal growth and growth due to internet 2. Does the growth of the economies of the two nations have any relationship to capitalism and democracy? 3.1 Comparing the U.S. Federal Republic with the Republic of China All the countries in the world don’t have same form of government some work on the belief of their leader and some work on the basis of written constitution For Instance if you compare USA with China both have different system Democratic system of United state of America is strong. Whereas China is Communist which falls under the classification of People Republic United state has a government national organization stand upon 2 thing 1) Separation of Power 2) Federal system US government had a fear that if excess deliberation of power is given in that hand of commen man or in the hand of company it would not be safe for the freedom of the nation, so they revised the organization into 3 branch 1) Legislative 2) Executive 3) Judicial All these power are vested by US system named a Constitution which has 1) President 2) Federal Court 3) Supreme Court which is part of federal court All the power and duties of these 3 branches are clearly explained in act of Congress which also includes formation of department and courts inferior to the Supreme Court All...
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...and Trade Tutor: Professor Dong Yinguo Author: Hake Feka Student ID: 13D62241 Abstract The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. However, the development of the service sector has been inadequate and has lagged behind its overall stage of development according to international norms. Table of Contents 1. INTRODUCTION 2 2. THE IMPACT OF SERVICE SECTOR IN CHINA 2 3. DIFFERENCES AND GAPS 4 4. OBSTACLES AND RESTRICTIONS 6 5. RECOMMANDATIONS AND CONCLUSION 10 REFERENCES 12 1. INTRODUCTION The result of the market-oriented reforms in China along with its opening up to the outside world were rapid industrialization and integration in international trade. The service sector has perceived a fast, continued development and has made huge contributions to the overall economy in terms of its share of gross domestic product (GDP) and employment. The increasing of the service sector has caught up with the manufacturing sector, which indicates that China is moving into a new stage of development with both sectors driving economic growth. As China is a developing country with a middle-income status, the development of the...
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.... How Can Azerbaijan Diversify Its Economy Away from Petroleum Dependence to More Sustainable Economic Development? June 2012 By Nurana Mammadova* It is known that the "black gold" is the main supplier for the state budget of the Azerbaijan Republic. Approximately 74% of the state budget derives from the proceeds of oil and petroleum products, and therefore the economy is almost entirely based on the oil industry. All this warns us against a very disastrous problem. If we have abundant oil resources, it does not mean necessarily that we should generally use only them. After all, the rest of industry, agriculture, services, and so on remain on the sidelines. At the same time, there is potentiality for the development of other economic sectors, namely the agriculture, industry and other sectors. The problem is that as a result of Azerbaijan's economy dependence on oil, we did not pay much attention to the comprehensive development of our economy. And this in turn is negative for the economic development: that’s the reason why Azerbaijan is not able to be classified as a more developed country. In addition, it is known that the GDP index is the economic indicator for the development of a country. In the eventuality that a large part of the GDP derives from the exploitation of natural resources, this country can hardly be considered as developed. For example, Saudi Arabia's per capita GDP is almost higher than...
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...experienced a process of economic development and international trade improvement. In the early 1980s, China had tried to take several steps to end its economic isolation condition. After that, accompanying with the accession to WTO, China had received a new tide of development no matter in the field of economy or world trade. It has no doubt that China’s accession into WTO would bring about tremendous changes in China’s economic performance. Known as “World Trade Organization”, WTO is one of the most important international economic organizations and also a platform for ideas’ negotiation among different countries. Currently WTO has 159 members and is regarded as the "Economic United Nations”. China has joined the World Trade Organization as the 143rd member of it. From then on, China has made a significant economic improvement in foreign and international trade area, whereas, it also has brought some problems underlying the surface economy boom. And as some experts’ sayings, the disadvantages are far more than the advantages that WTO has brought along these 12 years’ development based on the analysis on the current economic environment, which has also been a challenge to China’s economy and future development from my point of view. The benefits that WTO has brought into China As some experts’ saying, China’s accession would definitely have a tremendous impact on the economic environment as well as international trade because China is a big country in the world. Firstly, it had...
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...ASEAN IN TODAY’S WORLD 2013 The Economic Structure and Employment of the Philippines This paper is written to accomplish the requirement of ASEAN Economics Studies of ASEAN Today’s World 2013 in Ateneo de Manila University, Philippines Lecturer: Prof. Victor S. Venida, Ph.D. Written by: Nur Isnaini Masyithoh Faculty of Economics and Business Universitas Gadjah Mada 2013 I. Background Sectorial Structures of World Economies According to World Bank, one way to determine the structure of economy is by analyzing its three main sectors; agriculture, industry, and services in the country’s total output and employment. Initially, the agriculture is the main sector of developing countries. The shift comes to industrialization and post-industrialization. Industrialization assumed to increase and replace the agriculture because modernization refers to specialization of economic function, monetization of transaction, and homogenization of goods and services (Venida, 2000). The homogenization is formed by the improvement and innovation in technology enhancing the agricultural products. As the requirement of productivity and quality in agriculture increases, the innovation and function of technology has become the obstacle of the growing industry. Source: World Bank (http://www.worldbank.org/depweb/beyond/beyondco/beg_09.pdf) As the income rises, goods become immaterial. People no longer rely on materials since needs are already satisfied. Instead, they will concern about services including...
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...AFGHANISTAN Economic Freedom Score 25 Least free 0 50 75 100 free Most World Rank: Not Ranked Regional Rank: Not Ranked This economy is not graded Freedom Trend economic not be graded A fghanistan’slack of officialfreedom couldare not comprebecause of a reliable comparable data. The government’s compilations of economic data hensive, and many of the international sources relied upon for Index grading contain incomplete data on Afghanistan. This assessment is based on the limited data available from government and international sources. Over the past 10 years, Afghanistan has undergone a challenging economic transition requiring significant institutional development. Growth rates have been high but volatile. Real GDP growth, driven mainly by agriculture and construction, has averaged almost 10 percent over the past five years. Large volumes of foreign aid have yielded some improvements in such areas as health and education. Operating under difficult developmental circumstances, Afghanistan remains severely burdened by numerous systemic shortcomings worsened by ongoing security challenges. The government’s weakness, exacerbated by vested interests and corruption, has hindered politically difficult policy reforms and eroded trust. Previously implemented reform measures have not been sustained, with political uncertainties further undermining progress in economic reconstruction. BACKGROUND: President Hamid Karzai is constitutionally required to hand power...
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...problems on Wall Street versus the problems on Main Street. As we're finding out from the postings, we all hail from different areas in the United States and internationally. Do you think we're all experiencing the same economic challenges or do you think different local economies are experiencing different challenges? Provide some examples to support your answer. In my opinion I think we’re all experiencing the same economic challenges to include different local economies. From a military point of view we too are experience an economic challenge. With the drawdown of forces in Iraq and eventually Afghanistan (to be determined) the military will have to cut down the forces to help reduce Defense spending. And if anyone can remember the Desert Storm/Shield conflict the military was nearly cut in half after it. As for the rest of America it seems as though the days of spending unreservedly are over with. With the recession affecting everyone people are now out of jobs and small businesses are out of work and trying desperately to keep themselves a float. This can especially be seen in the housing market where you have big name cities at an all time high foreclosure rate. In the end I believed the economy became what it is today due to our frugal lifestyle. I admit I was the same way but in the end it caught us all by surprise and now we have to figure out how to fix it and hopefully regain some or all the jobs lost by everyone...
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...budget as well as the labor market, national ownership, and many other areas of government interventions into the economy. Nature of Economic Policy The ideal economic policy, both for today and tomorrow, is very simple. Government should protect and defend against domestic and foreign aggression the lives and property of the persons under its jurisdiction, settle disputes that arise, and leave the people otherwise free to pursue their various goals and ends in life. This is a radical idea in our interventionist age. Governments today are often asked to lower the prices of others, to fix wages, to help some businesses get started and to keep others from failing, to encourage or hamper imports and exports, to take care for the sick and elderly, to support the profligate, and so on. Ideally government should be a sort of caretaker, not of the people themselves, but of the conditions which will allow individuals, producers, traders, workers, entrepreneurs, savers, and consumers to pursue their own goals in peace. If government does that, and no more, the people will be able to provide for themselves much better that the government possibly could. Concepts of Economic Policy: * Economic policy seeks to achieve objectives such a high rate of growth, a low and stable rate of inflation and high levels of employment * Government seek to manage the economy through using a number of tools or policy instruments * The mix of policy instruments used varies overtime both...
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...Gross Domestic Product (GDP) is a major factor that shows how the economy will either get better or worse. The GDP is how we can measure the spending and production of the U.S. The GDP is a total measurement usually calculated quarterly (Russell, 2012). These calculations show change to the economy even if products and services increased or decreased, According to Russell, (2012) regardless of changes in the purchasing power of the currency. There are many things that affect our economy such as international debt, increase in taxes, the effect to interest rates, the rise in unemployment, the poor failing real estate market, lack of investing, lack of spending by consumers, which is directly affected because of lack of employment. Some believe that the economy will eventually recover. This may be a slow process, however. Those in the business world believe this will most likely put inflation at a standstill. (TBQ, 2012). It is predicted that the GDP will continue to go up and down for years to come as the US tries to recover from the economic slump that it has found itself in unless congress and the president can pull us out. There are three different methods of determining GDP. The first one is estimating each industry’s gross output or production (Wells and Krugman, 2009). Second would be to measure income (Wells et al). Third would be expenditures, showing different types of spending throughout the economy (Wells et al). The Bureau of Economic Analysis (BEA) says that in...
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...labour. These drastically changes sharply improved the productivity in the manufacturing sector, and companies were able to supply demands for their products and do so cheaply . Electrical power also became more widely available in the 1920s with the development of hydroelectric power stations, which factories took advantage of. Factories began using electricity instead of coal to operate since it was more cost effective and efficient . Lower production costs resulted in lower prices. This meant that more people could afford to buy consumer good, leading to higher sales . Canadian resource industries also played a major role in the booming economy in the 20s. One of the most influential of these industries was agriculture. During the 1920s, Canada became a major wheat exporter; demand for wheat was increasing all over the world as economies began to recover from the war , resulting in the value of wheat exports climbing up to 250 percent . Canadian farmers harvested huge crops and as a result made huge profits. The production of newsprint became Canada’s largest...
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...multinational companies and of improved communication”. According to Wikipedia (an web encyclopedia) Globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres. Shahzaman Mozumdar (IT Professional and Freedom Figher) says, "Globalization evokes different feelings to different people. Some look at globalization as "the panacea,"-the elixir that will eradicate all poverty, remove disparity, and enable the global citizens to enjoy a decent lifestyle-the lure of globalization. Others view globalization as "the evil" that will further enslave them to the rich” In the broadest sense, Globalization implies integration of economies and societies across the globe through flows of technology, trade and capital. Integration of production, accelerated cross-border investments and more trade are the logical outcomes of this process. It is a phenomenon of 21st century. When I think of globalization in the context of Bangladesh, I think of a person like Hosne Ara Begum, a 40-year-old garments worker at Dekko Apparels Ltd. Hosne Ara, living with her unemployed husband and two children, was driven out of her village in Comilla because of poverty and hunger. With her limited education, she hardly had a chance for a decent job. However, she got a job two years ago at Dekko Apparels and now Hosne Ara can not only survive physically, but also dream of a future in which her...
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...Fundamentals of Macroeconomics The following terms represent some of the fundamental indicators used by economists to express economic conditions and fluctuations in economic conditions. Gross Domestic Product (GDP) Gross domestic product is the value of all the finished goods and services produced within a country's borders in a specific time period. In the United States, as in most countries, GDP is calculated on an annual basis. GDP measures a nation's productivity. GDP does not necessarily reflect a relative standard of living. Real GDP Real GDP expresses GDP in terms of base-year prices. A base year is the first in a mutually agreed upon series of years. Price level indexes in the base year are assigned an arbitrary value. Price levels in subsequent years in the series are expressed in values relative to the base year. This process provides for a more meaningful comparison of one year to another within the series. Nominal GDP Nominal GDP refers to the raw data produced by annual GDP calculations. These data are not adjusted for inflation. Because of the effects of inflation on economic indexes, nominal GDP does not accurately reflect changes in GDP compared to previous years. Unemployment Rate The unemployment rate reflects the percentage of the population that is able and willing to work and is looking for work, but is unable to find work. Inflation Rate The inflation rate is the rate at which the price of goods and services rises. Increasing inflation...
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...No: FIN-4203 September 10, 2012 Summary on previous article Foreign Direct Investment (FDI) is considered as a crucial component for economic development of a developing country. Countries that are lagging behind to attract FDI are now formulating and implementing new policies for attracting more investment. The determinants which play as a driving force for attracting FDI are geographical location, cheap labour cost, and government attitude towards liberalization of the existing laws of the host country, skilled manpower, incentives for investors, and exemption of taxes etc. According to Bangladesh Board of Investment Handbook (2007) Bangladesh offers an attractive investment climate compared to other South Asian Economies. But among the emerging economies India and China are the desired choice for investment (Baskaran and Muchie, 2008). FDI is considered as an important tool for economic development in a developing country. If the investing country is wealthier than the host country then capital will flow to the host country (Zhao, 2003). It contributes to growth of GDP; create employment generation, technology transfer, human resource development, etc. It is also perceived that FDI can play a significant role to reduce poverty of a developing country. In the developing world, the East Asian countries - South...
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