United Arab Emirates Government Polices To Encourage Economic Diversification From The Oil Base

Oil and Non-Oil Economy of the UAEThe general dichotomization of the economy of the jumble Arab Emirates is into the fossil anele and non-oil domains . While the aggregate produce stay unfree on oil production , the United Arab Emirates is snap on the development of its non-oil heavens as part of its diversification image However , its major power to develop to the full its non-oil sector depends on the performance of its oil sector . integrity consideration is the relational contribution of the oil and non-oil sectors to the economy . The early(a) consideration is the ability to the oil-sector to support the diversification plan in the non-oil sector . abed and Hellyer (2001 explained that in 1998 the production of crude oil accounted for less than a take out or 22 per centum of gross internal product .

However , even out if the contribution of crude oil production to aggregate output is less than a quarter , the impact of the sector on the economy is much bigger Oil exports contributed 37 portion of earnings in remote exchange and 60 percent of globe sector tax revenue . The oil sector contributes to the aggregate economy in quadruple fronts , which are employment investment household income and consumption , public spending , and profits exports . This substantiates the claim that the oil sector comprises the spikelet of the UAE economy . pull ahead growth occurred in the oil sector in 2006 with the Ministry of breeding and Culture (2006 ) reporting that the oil and ordnance sector con tributed 28 percent to aggregate output . a! t the same clipping there is also growth in the...If you want to check a full essay, order it on our website: OrderEssay.net

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