Economic development of the countries after SAP Essay

Economic development of the countries after SAP - Essay Example The paper describes economic reform in some countries. Oman, which is also an oil based economy, opened itself to world trade during 1970. Economic reforms implemented in Oman focused on increasing public spending by spending on health, education and welfare provision. Reforms based on development and modernizations were also implemented. These included developing the economy’s infrastructure by building roads, providing low cost housing and building hospitals. Though Oman’s main economic strength has been oil production, it started focusing on other things like tourism and development of natural gas reserves after the oil price slump adversely affected its economy. The general trends of the economic reforms implemented in Oman has been geared towards making the country better off in terms of economic and financial stability, increasing the skill level of their labor force and diversifying its income sources by investing in avenues other than oil production to decrease singular dependency on oil production. The UAE has gained a substantial amount of economic progress due to the economic reforms implemented in the country as part of SAP. However, economic trends in the UAE have been erratic to a large extent with regard to its economic cycles of booms and recessions, wealth, resource reserves, international relations and its struggle to meet challenges that came up over the years. Some particular struggles that the UAE faced have been to do with issues of governance, relating particularly to the adequate management of resources, socioeconomic stability etc., implementation of democracy, domestic and foreign business and overall economic stability and security. The UAE has been particularly interested in working to overcome these challenges by implementing economic policies and taking on measures of economic development. The economy has allowed for immense expenditure on developing its infrastructure, its real estate market and its leisure and tourism sectors. Kuwait is an economy that al so has oil reserves that it manages on its own. Oil production in Kuwait is expected to increase and the economy is, therefore, spending big money on upgrading and expanding its oil refineries. Kuwait also has a sophisticated financial market and a well developed banking system to its added advantage; thus, areas of development in Kuwait apart from the money spent to manage oil resources are centered around the financial industry, most particularly concerning the financial system itself, securities traded, stability of the market and introducing innovative measures to maintain a competitive edge over other financial markets. South Korea has not done as well as the other countries mentioned as a result of the implementation of SAPs. It made huge investments