Name
Instructor
Course
Date
Happy UAE
All nations have different policies and structures that ensure the wellbeing of their citizens. These countries understand that the fastest way to develop and to progress economies to facilitate people’s welfare. Although all states have this goal in mind, differences in the implementation and success of national wellbeing policies are attributed to the political environment, educational opportunities, the Gross Domestic Product (GDP), and the reliance on relief or international aid. The World Bank, IMF, and UN assert that developing and underdeveloped countries often fail in the implementation of its citizen’s wellbeing. The United Arab Emirates (UAE) is one of the few countries that had succeeded in creating a ministry, the Ministry of happiness and wellbeing, which solely focuses on its citizen’s prosperity. This essay is, therefore, a twofold analysis of the UAE’s Ministry of happiness and the role of the World Bank and IMF in developing countries’ operations in international trade.
Question 1
UAE as a Developed Country
Although description factors vary in different organizations, most global institutions use a nation’s GDP per capita and the average income per resident to rate a society as developed or developing. According to the Advocates for International Development, international organizations such as the World Bank and UNDP rate UAE as a developing country. However, the article, Happy UAE, by Schwartzstein et al. provides viable information that may contradict the assertions of these global institutions. The report asserts that the UAE has one of the most fast-growing economies globally. In 1975, the nation had a GDP of 14. 7 billion dollars, multiplied twenty-four times to 348 billion dollars in 2016 (Schwartzstein et al. 2).
Moreover, the nation prides itself on its diverse nature of economic revenue. Regardless of its massive oil and gas productions, only 30% of its total GDP is from these products. The rest of UAE’s income is from tourism and trade. The country’s diversity is also evident in its population, as over 85% of UAE citizens are expatriates from approximately 200 countries (Schwartzstein et al. 8). Schwartzstein et al. also contend that the UAE is ranked as the 14th highest GDP globally (2). Apart from its flourishing economic status, the UAE also provides governance that is not plagued by corruption or political instability. The use of National Key Performance Indicators (KPIs) and the technology ADAA ensures that all governors in the country are accountable and understand that their responsibility lies to their people (Schwartzstein et al. 5).
Therefore, although UAE is listed as a developing country, its developments outweigh the achievements of most developed nations. Not only is the nation’s GDP higher than most developing countries, but the size of the state also gives it a firm footing as a developed nation (The World Bank). Since UAE is a small country with many resources, its citizens have few expenses. Most of the nation’s infrastructures, such as the Burj Khalifa, also show the economic stability of the nation. The country also poses robust political environments. I would, therefore, rate the UAE as a developed country because of its rapid economic growth, diversity, and overall stability.
- Importance of the Ministry of Happiness
Happiness and positivity are among the founding principles of the UAE. All the leaders in the nation have, therefore, tried to instill values that derive satisfaction among UAE citizens. The current Prime Minister and vice president of the nation, Mohammed bin Rashid Al Maktoum created a seat for the first Minister of state for happiness and wellbeing in the country and globally. The Ministry plays a significant role in facilitating an environment that allows individual happiness. The Prime Minister believes that “the government’s role is to make the nation and the people happy” (Schwartzstein et al. 5).
The Ministry thus strives to ensure national happiness and positivity in the workplace. First, Minister Al Roumi implemented a tool to measure the happiness of all UAE residents, both nationals and expatriates. Secondly, the Ministry aims at making positivity a way of life in the UAE. The country aspires to develop a happy nation because only content citizens can cause economic, political, and social prosperity. Consequently, happiness and development go hand in hand; therefore, the positivity and wellbeing of UAE citizens increase the nation’s global dominance.
Question 5
- Impact of the World Bank and IMF in Developing Countries’ Operations in International Business
The IMF and the World Bank have similar goals in the creation of global long-term economic stability. These organizations often work together to alleviate poverty in developing countries—for instance, the IMF and the World Bank partner in reducing debt burdens in developing nations. Through the Heavily Indebted Poor Countries Initiative, these organizations work to clear debts for countries that cannot manage to make the payments (International Monetary Fund). Due to these efforts, these developing countries gain the opportunity to invest and undertake trade in the international business forum.
Furthermore, these organizations aid in the assessment of the financial stability of developing nations. They use the Financial Sector Assessment Program to evaluate the strengths and weaknesses of a state’s finances. After conducting an analysis, these organizations create mitigation methods that may assist in increasing revenues for financially unstable nations (International Monetary Fund). The IMF also plays a further role in providing policy advice to developing countries in a quest to improve macroeconomic stabilities.
Although the IMF and the World Bank try to provide financial aid for developing countries, especially in Asia and Africa, Muhumed states that their interference could precipitate the weak economic environment in these continents (39). Muhumed contends that the World Bank and IMF have biased policies that provide monetary assistance to emerging countries for ulterior motives (40). Further, the article states that these organizations only serve the goals of the west, and countries that refuse their aid tend to prosper economically. For instance, Botswana experienced a 6.8 increase on average per capita after denying assistance from the World Bank and IMF (Muhumed, 48).
- Tactics and Strategies Employed in the Creation of a Business Friendly Environment
The Ministry of Happiness and Well-being aids in the creation of a positive and productive business environment in the UAE by facilitating training programs. These programs train Chief Happiness and Positivity Officers (CHPO) on the meaning of happiness and methods of its acquisition (Schwartzstein et al. 9). CHPO’s play a primary role in revamping the working environment in organizations. Additionally, due to training, CHPO’s can understand individual needs for all employees and find methods of increasing their satisfaction. CHPO’s also consulting a council to make relevant and helpful decisions on the wellbeing of UAE employees (Schwartzstein et al. 9). The Ministry of Happiness has also shown its prevalence in private industries. For instance, du, a prominent telecommunications company in UAE, consists of a senior director of happiness of wellness. The director uses strategies like launching positivity workshops that provide training resources for du’s employees. Moreover, the creation of consumer happiness centers that rated their services allows the organization in UAE in the implementation of services that elevate happiness levels (Schwartzstein et al. 11). These strategies ensure employee satisfaction and motivation while increasing their positivity.
The United Arab Emirates is one of the fastest-growing economies globally. The country also embraces diversity and strives to ensure the happiness of its citizens. The World Bank, IMF, and other international organizations should, therefore, elevate the country’s status to a developed country. These international organizations must also evaluate their policies and principles to provide efficient and unbiased aid to developing countries.