Homework Question on G7 Economies and OPEC Middle East Member
- Access the CIA World Factbook at: https://www.cia.gov/library/publications/the-world-factbook/index.html
- Using the menu “Please select a country to view,” compute the total population (2014) and the total Gross Domestic Product (GDP, official exchange rate, in US dollar, in 2013) of all OPEC members that are included in the Middle East region as defined in this course.
- Using the menu “Please select a country to view,” compute the total population (2014) and the total Gross Domestic Product (GDP, official exchange rate, in US dollar, in 2013) of all G7 countries (United States, Japan, Germany, France, United Kingdon, Italy, and Canada).
- Compare and contrast the total populations and total GDPs as well as the GDPs per capita (GDP in US$ divided by the number of people) of Middle East OPEC members with those of the G7 countries.
- Based on the above compare-and-contrast analysis, write a 200 to 300 word-essay in which
- You summarize your findings and conclusions and
- You discuss the image (perception) versus the reality (fact) of the wealth of the G7 countries and Middle East OPEC members.
- Your essay should NOT include tables or separate GDP or population figures. However, you MUST cite all the relevant figures in the body of the essay to make your point.
Homework Answer on G7 Economies and OPEC Middle East Members
The G7 economies are predominantly from the Western hemisphere, apart from Japan which is in Far-East Asia. These economies are defined by their vast amounts of wealth which is derived from various industries; the industries include service, manufacturing, and agriculture. Their economies have evolved from the great agricultural revolution flourishing through industrial revolution, and now standing tall in the information age.
The economies of the G8 countries are far more advanced in comparison with the Middle East members of OPEC. The USA is the richest country in the G7 economies and in the world, with a GDP of over sixteen trillion dollars (CIA World Factbook, p. 12).The United States is trailed by China in the world, which is on the verge of becoming the biggest economic superpower in the world.
In the G7, the United States is trailed by Japan with a GDP of over four trillion dollars. Majority of the G7 countries are wealthy and have high standards of living. The GDP of the G7 countries relative to the official exchange rate is much higher, since these countries are great producers and net exporters of goods and services. There is no fluctuation in the GDP of the USA since they use the dollar as the main currency. The economies of the Middle East and OPEC member countries have substantial wealth since majority of them are net oil exporters in the global economy.