Previous research concerning why certain countries in the same regions vary in terms of economic development has not yielded many results. Therefore, as a researcher, it is vital that I seek to find out more concerning this problem in order to improve the economy of Saudi Arabia. In a modern economic growth, there are features that stimulate the rate at, which economies grow (Qatar and the U.S. Sign Trade Agreement, 2004). Most times, it deals with matters that concern the availability of natural resources. It is a known fact that economic growth is higher in countries that are rich in resources, as compared to those that have poor resources. Previous research has found out that a country that had resource-based exports of high value compared to the Gross Domestic Product often had slower growth rates (King & Levine, 1993). In this case, it refers to a country such as Saudi Arabia that initially performed well than Qatar, before it was overtaken (AME info.com, 2006). In the history of economics, there has always been a problem concerning why resource-rich economies often outperform resource-poor countries For example, in the 17th century, Spain had more resources than the Netherlands, but the latter managed to overtake it in terms of economic development. Also, during the twentieth century and nineteenth centuries, Japan and Switzerland, which were poor in resources, outpaced Russia known to have abundant economies. The population growth of Qatar has risen substantially over a short time duration. In the year 2004, there were 774,000 people, while currently, the figure is at 1.69 million (Rogers & Sedghi, 2011). The literature provided seeks to give an explanation to show that indeed a research problem exists. This means that a link that exists between the country of Saudi Arabia and Qatar, due to the various resources that they have. Furthermore, countries that are rich in oil resources have improved their economies differently depending on their investment decisions (Wael, 2012).
As a result of the fast economic boom of Qatar, a lot needs to be known so that Saudi Arabia can follow in the same direction. The research seeks to ensure that Saudi Arabia has an economic boom that is similar or better than that of Qatar.
The objectives of the research are:
1. To find out, which policies can be adopted by Saudi Arabia, in order to prosper like Qatar.
2. To find out, which economic investments are being adapted by Qatar, that has resulted in their fast economic boom.
3. To find suitable strategies that can be employed to attract foreign investment in Saudi Arabia.
4. To find out how natural resources can be taken advantage of in order to boost economic development in Saudi Arabia.
5. To find out ways, which the government of Saudi Arabia can come up with projects that will foster economic development.
The research questions of this study are:
1. Does Saudi Arabia have the capability of having a prosperous economic boom?
2. Can Qatar play a role in assisting Saudi Arabia to improve its Gross Domestic Product?
3. Does population growth rate help in improving a country’s economy?
4. Should Qatar and Saudi Arabia vital stakeholders meet to discuss an issue concerning their economies?
The methodology that will be sued in this research is based on the available literature review. The research will be conducted through the existing electronic and print media as well through personalized interviews. The latter will seek to interview key personnel working in Qatar and the Saudi Arabian government ministries. The collected data will be separated and be reviewed in accordance with the existing research objectives.
The World Trade Organization has described the research through the use of a literature review. In this process, there will be a number of stages for the data collection.
1. Specify data needs
Data will be from personalized interviews, electronic and print sources. The data is credible as it is research that has been studied as well as from general knowledge concerning economic development in Qatar and Saudi Arabia.
2. Evaluate the secondary data
Various websites such as the ones of Qatar and Saudi Arabia government, the World Economic Forum will be used as resources. Also, academic journal articles and newspapers are part of the sources to provide data for this study.
I intend to start the research as soon as possible after getting a go ahead. The data collection is expected to start in the month of March, 5th 2012. It will take approximately six months meaning that it will end after a period of three months. That will be in the month of June 5th 2012. After the data collection is through, I will then start to analyze the data, which will take at least two months. It means that by August, I will be through with the analysis. By the end of six months, I will have finished with the research as I wait to defend it.
When conducting this research, the means of transportation to be used will be by air. It is the most convenient and fastest method of travel from Saudi Arabia to Qatar. The personalized interviews will be recorded through the use of a voice recorder. Also, I will take down notes while recording the information from the people being interviewed. I will obtain the finances from my personal savings as well as from donation from friends and family.
The data from the electronic and print sources will be obtained from journals and websites, which are readily available on the internet as well as in libraries. I have sort permission from some government officials in Qatar and Saudi Arabia, who will give me the information that I need.
Data analysis will be through statistical software packages of Analysis of Variance (ANOVA) and Statistical Package for the Social Sciences (SPSS). The software will provide a detailed data analysis concerning the results I want to obtain.
When carrying out this research, there are various ethical considerations to be made. It is vital that a researcher does not engage in unethical practices during research.
1. The respondents to be interviewed should be informed in advance about why the research is being conducted.
2. I should obtain consent from the relevant authorities before conducting the study.
3. No person should be affected in a negative manner as a result of this study.
4. After I have obtained the results of the findings, I should use it to help improve the economy of Saudi Arabia.
King, R. & Levine, R. (1993) “Finance and Growth: Schumpeter Might be Right.” Quarterly Journal of Economics. 108(3), pp. 717-737
Rogers, Simon. & Sedghi, Ami. (2011). “How Fitch, Moody’s and S&P rate each country’s credit rating”. The Guardian. http://www.guardian.co.uk/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard. Retrieved 1 March 2012.
Wael, Mahdi. (2012). “Saudi Aramco to Invest $200 Billion in Refining, Exploration”. Bloomberg. http://www.bloomberg.com/news/2012-01-16/saudi-aramco-to-invest-200-billion-in-refining-exploration.html. Retrieved 19 January 2012
AME info.com. (2006).Qatar the boom continues. http://www.ameinfo.com/101628.html
Qatar and the U.S. Sign Trade Agreement. (2004). U.S. –Qatar Journal. Qatar Business Council.
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