Economics in the World Essay Example | Topics and Well Written Essays - 3250 words

Economics in the World - Essay Example Between 2003 and 2006, trade in goods within these countries doubled. GCC states’ share of world trade increased to 2.7% from 1.9% during the same period. Total exports of goods in 1990 stood at USD 86 billion, but increased to USD 110 billion by the end of the 1990s. In 2006, total exports rose to USD 422 billion. In terms of imports, total imports were at USD 48 billion in 1990, and increased to USD 82 billion by the end of the 1990s. By 2006, the imports in the GCC states were at USD 238 billion. In 2006, the difference between imports and exports was 184 billion. The main consumer of GCC states’ exports is Asia, while the European Union accounts for nearly one third of the imports to the GCC states. In 2006, exports to Asia from the GCC states stood at 60%, with Japan accounting for 21% of the exports. Saudi Arabia and other Gulf states emerged as key global players in the first decade of the twenty-first century. This development facilitated by the enormous resources and capital that was accumulated by these countries in the course of the second oil boom experienced in the year 2002-2008. Through theinfluence of their resources, these countries started reshaping the economy of the world. This influence was more eminent in the wake of the 2007-2008 economic crisis. Partnerships with countries such as China, Russia, East and South Asian nations, and India diverted the Gulf States’ focus further eastwards (Ulrichsen 118). The global share of natural gas and oil is anticipated to increase by 5% by 2020 from 28% which was recorded in 2000. With most of these resources going to the Asian market, the GCC states will most likely increase their diversification and widen their economic interdependencies for the Asian market. According to statistics, 40% of the increase in global oil and natural gas consumption was traced to China from 2004 and 2007. In 2009, China’s import of oil from Saudi Arabia surpassed that of the United States

Wage Gap Assignment Example | Topics and Well Written Essays - 250 words

Wage Gap - Assignment Example From this study it is clear that the rate of white women and Hispanic women with some college education was similar at 18%. In associate vocational training, associate academic, masters and bachelors, the white women had a considerably higher rate compared to the other groups of women and more so the Hispanic women. All the groups of women had about a similar number of women undertaking professional degree and a doctorate at 1% each. White women had potential experience compared to black women, but at a higher rate than the Hispanic women. The white women percentage in rural areas was higher than those in the other groups of women. The white women had higher weekly earnings than the black women.This paper highlights that  the weekly wage gap between the white women and black women is $ 85 per week compared to $ 200.8 difference between the white women and Hispanics.   The decomposition analysis helps explain to what extend the wage difference can be explained by cited variables. From the earnings regression, we observe that High school dropout rate affects earnings per group of women, followed by high school graduation rates, having a doctorate and professional degree also caused the difference in the wage rate per group of women. The rate of part time employment also affected the wage earnings in the different groups of women.In conclusion, it may be noted that some difference between the white women's earnings and earnings for the other groups of women could not be explained by citing   the variables.