The difference between the economy in Qatar and Germany ( personal Research Paper

The difference between the economy in Qatar and Germany ( personal opinion ) - Research Paper Example Qatar has a huge natural reserve of gas unlike Germany which depends on other centuries. Oil and gas has diversified the economy of Qatar which gave development in area like chemicals, cement, steel, fertilizer industries and banking. The country largely depends on oil and gas reserve whereas Germany depends on service industry. The 70% of GDP depends upon the service sector. Qatar is a Muslim country and the official language is Arabic whereas the Germany has German as German as official language with no specific religious concentration. Germany is a highly developed nation and has been a world power since centuries. In comparison, Qatar is a country which has developed in recent years and has no historical value. Qatar is now the riches country in Islamic world and has been a pearl fishing country before its concentration on oil and gas. The country Germany specializes in engineering and specializes in fields like automobiles, metals, chemical goods and machinery. Germany is the le ading producer of solar power technology and wind turbines in the world. The country also holds large international trade fairs and congresses in many of cities like Berlin, Frankfurt and Hanover. In this area, Qatar lacks behind as it is not into engineering sector. In case of production of goods and services the country lags behind. Germany is a leader in manufacturing, educational and service sector while Qatar is only leading in gas and oil supply. Qatar is back in educational system with a very few universities and academies and the population of the country is low in educational standards. Germany is a renowned car producer with famous brands like Volkswagen, Mercedes Benz and BMW whereas Qatar is a consumer of these classy cars. Germany is a country which huge corporate like Adidas, PUMA, Siemens, Allianz, Daimler whereas Qatar has no huge corporate. Germany is a permanent member of United Nations Security Council while Qatar is not. Germany is the founding member of the EU a nd also is a part of all international organizations. As per ( Thomas White) â€Å"While rooted in its past, Germany is also a cosmopolitan and dynamic country offering something for everyone†. Qatar is a recently developed country and it is still developing. The country is currently is under â€Å"Qatarization† and in which the Qatari nationals are given priority in positions of authority in all large companies. Since more and more Qatari nationals who are educated in foreign countries are returning home they are given preference in occupation. Qatar has a market economy and has much freedom score and is rated 27th freest in 2013 index. It has much improvement in government spending and monetary freedom comparing to other 15 countries in Middle East region and is ranked at 2nd among them. Qatar’s economy is â€Å"mostly free† with stable economic freedom. As per (Heritage) â€Å"As reflected in the country’s steady improvement in economic freedom since 2008, the Qatari government has pursued reforms to improve the entrepreneurial environment and broaden the economic base beyond oil and gas†. Although, the country is rich, it has a lack of educated work force in economy. Most of the working population is expatriates from India, Philippines and other South Asian countries. However, Germany as a developed nation has a social market economy. It is competitive economy which oppresses socialism. In it

Personal financial planning Essay Example | Topics and Well Written Essays - 1500 words

Personal financial planning - Essay Example Briefly explain what options are available to Jack with respect to the payment he will receive upon termination of his employment, including his superannuation balance. Calculate the resultant tax treatment of the payment with respect to those options.One of the best options jack could plan is to pay a small amount of future pre-tax salary to the investments. The plan for such investments would also help to pay for personal insurance to protect the family income.During this period Jack would have return of deposits amounting to $ 8000 and the return from superannuation as $ 1350. This could be deposited on long term basis and as the seven years are completed the amount could be added with the Marions return to meet their living expenses.At the present rates both Joe and Marion would require $ 55,000 to lead a very comfortable life. If this is the amount that the couples expect after their retirement then the they must have accumulated saving of $137500 at 4 % interest per annum. Thei r total savings is estimated as 4,36,000/- which doesn't include the superannuating benefits of both Joe and Morion.Even if these aspects are accounted the current position would be enough if they expect to support in the same manner in future. The cost of living certainly would enhance and hence the gaps that exist between the current estimate and actual expense in future would be very huge.The major benefit of transition to retirement provision is to receive a part of superannuation as pension while being involved with it. It would help to sail smooth into the retirement period while enjoying some tax related concessions available to pensions. The guideline for opting the transition to retirement varies from one scheme to another. As an example, some of them specify that one's preservation age must be below 65 years and continues to be in workforce. And the government might not have specified the minimum or maximum hours that you might be working. One could collect the super as 'non-commutable account based pension". In some situations, the account holder is allowed to take a maximum of 10 percent only while being in a transition period. A minimum account balance, say $ 25,000/-, is to purchase some of the products designed for transition to retirement. Also, certain stipulations like minimum account balance of $ 1000/- is required in the account. Part D Describe two current legally accepted strategies that could be employed by the couple to enable them to maximise any Centrelink benefits in their final retirement. The important areas that could be employed by the couple for planning the post retired life are Age pension : This can chosen based on the qualifying age and also on certain test conditions like asset and income test. Allowances are related to the people who are not presently in the workforce. Commonwealth Seniors Health Care Card is anothet option for those who fail to qualify for the senior health care card. Part E Identify the two methods of nominating a beneficiary for superannuation members and the advantages and disadvantages of each. Outline the tax treatment of superannuation lump sum death benefits