Advantages And Disadvantages Of Economic Visions

plans to contribute to enhancing the business environment through further legislative reform and by ensuring that all economic policy is formulated with reference to rigorous data sources and statistical information. Assuming that the hydrocarbon sector continues to grow at historic rates, UAE vision aims to achieve a 64% contribution to GDP by the non-oil sectors, including petrochemicals, by 2030, which will reverse the current pattern of sectoral contribution to GDP. Regarding Oman Vision 2020, it has laid out plans to boost industrialization within the Sultanate and to encourage the private sector to take a more active role in the economy and generate employment opportunities, both of which are measured as key drivers for growth. During

The economy is centered on the government regulating the economy through laws and regulations and this helps regulate the frenzy around supply and demand. Advantages of economy vision include:

Resources are quickly and effectively mobilized on a large scale. Industrial power is created and massive projects completed while attaining imperative social goals. Also, individual self-gain is no longer the driving force of success among businesses. The greater good of the society is the focus of the economy. The society as a whole benefits from the success and not just a select few individuals. This type of economy is able to transform the society to conform to the government’s vision for the country or society (Cherif

The amounts of goods being produced are not balanced. One item will be mass produced whereas another will not have enough to support the economic needs. The government entity that controls the economy has difficulty obtaining up-to-date information about the needs of the consumers. Many times rationing becomes a way of life within a command economy. Exporting goods becomes problematic because it is difficult for the controlling entity to determine which products and prices will be most successful within the global market. It takes a very long time to reach the desired goals. It prone to economic depression and fluctuation. (Cherif 2014).

3.3 Case study on Bahrain

The Economic Vision 2030, which was launched in October 2008 by His Majesty King Hamad bin Isa Al Khalifa, is a comprehensive economic vision for Bahrain, providing a clear direction for the continued development of the Kingdom’s economy and, at its heart, is a shared goal of building a better life for every Bahraini.

The launch of the Vision followed four years of extensive discussions with a range of opinion leaders in the public and private sectors, including governmental institutions and specialised organisations, as well as international consultancies and bodies.

The Economic Vision 2030 focuses on shaping the vision of the government, society and the economy, based around three guiding principles; sustainability,