Economic Growth And Development Essay

Economic development is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment and issues. Economic growth and development is a two-way relationship. According to them, the first chain consists of economic growth benefiting human development, since economic growth is likely to lead families and individuals to use their heightened incomes to increase expenditures, which in turn furthers human development. At the same time, with the increased

But the causes are complicated and close examinations are needed to gauge the degrees of developments of the two economies. One year's performance does not tell the whole story. Singapore is often quoted as an exemplary city to have successfully embedded its development strategy within the global economic circuit thus becoming a major regional/global head-quarter, financial and export service as well as manufacturing centre. The main UAE cities i.e., Abu Dhabi, Dubai and Sharjah, on the other hand, are among many urban regions in the developing countries that hope to emulate Singapore as an emerging global city. Indeed Dubai is the most aggressive "aspiring city" in the Middle East and North Africa region pursuing this goal within its 20 year strategic development plan. Although there have been a number of research examining the impact of globalization processes on urban and regional development in various geographical areas including Singapore, there is a distinct lack of studies on the Middle Eastern Region particularly the UAE cities. These are in spite of the increasing prominence and role of these cities in the regional/global economy as emerging regional gateway and headquarter centers. In view of this, the following study delves into the very path that each of the subject cities has employed. It is an attempt to evaluate both the past development and the present and future capacity of their milieu, to accomplish their respective 'development visions' and emerge as centers of the global supply chain. The report will demonstrate a brief comparison of economic indicators between the economies of the United Arab Emirates and the Republic of