QU Principles of Macroeconomics China Essay
Description
Before you write the application part to the research project.
The theory is almost complete and only missing a macroeconomics model that you need to add an analyse. The model should be made yourself after looking at the data of the country.
All the information that needed on what should be included in the theory and application is in the attached pdf under the name Research project.
There is also an example from a previous research project that was done last semester under the pdf name of the final project after revision.
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Fall 2019
Principles of Macroeconomics
Research Project (5 marks)
Presentation (5 marks)
Submission date: November 17, 2019
D. Ashraf Galal Eid
The research project requires students to team up in groups of 5 members and develop a research project
on a topic related to local or international macroeconomic issues.
Project Guidelines
The project must contain the following parts:
Title.
o Example: The Impact of Oil Prices on Economic Growth in Qatar
Introduction: in this part, the group should explain the importance of the chosen topic and
summarize the contents of the project.
Theory: This part must contain a theoretical analysis of the topic using the economic
theories/tools/models developed in ECON 112.
o Example: You may choose to use the AD-AS model to show the impact of oil price shocks
on economic growth in the short run and long run.
Application: in this part, you have to introduce a case study that is linked to the economic
theory/model you used in the previous part.
o Example, you should discuss how oil price fluctuations affect GDP growth in specific oil
exporting (or oil importing) country(s). This can be done using specialized articles written
by economists about the topic of interest, collecting and analyzing basic data on oil prices
in the last 15 to 20 years, and link this data to the main macroeconomic indicators of a
given country(s) such as economic growth, inflation, and unemployment.
Conclusion: in this part, you should summarize the main findings of the project and convince the
reader that you have tackled the topic in a scientific manner.
References: all references should be listed.
Suggested Topics
First, each group must send an email with their chosen topic by October 17, 2019. I might get back to you
and ask to change the topic if another group has already chosen the same exact topic. Here are some
suggested topics:
The macroeconomic consequences of oil price fluctuations in any of the GCC countries
The consequences of the 2008 financial crisis on major macroeconomic variables in developed or
developing countries.
The macroeconomic consequences of budget deficit on major macroeconomic variables in
developed or developing countries.
Central banks and monetary policies in developed or developing countries.
Does a tax reduction stimulate the economy
Does an increase in money supply stimulate the economy
Money supply and inflation
Economies of the GCC
Currency value and the macroeconomic performance
Chinese monetary policy: maintaining a cheap Yuan
The recent Turkish currency crisis
The new US trade policy towards China
The relationship between inflation and unemployment in specific country(s).
Criticisms in using the CPI as a measure of cost of living
Diversification in Qatars economy: oil and non-oil production contribution to GDP
The labor market in Qatar: Qataris and Non-Qataris and the youth in the labor force
The effect of the world cup 2022 on Qatars economy.
Important Instructions
You need to submit and present your project on November 17, 2019.
Each group takes 10 minutes only to present the project.
All group members must present.
Make sure that data is available before starting your project.
The research project should be applied to a specific country or group of countries.
The project should be between 8 and 10 pages long.
Font size 12, 1.5 space, Times New Roman.
You have to submit a hard copy and a soft copy.
You have to use clear language and your sentences should be meaningful.
Never plagiarize.
Each group should contain 5 students.
Macroeconomics
Dr. Ashraf G. Eid
ECON 112-L52
1 April 2020
The relationship between inflation and unemployment in Japan and China
Relationships of unemployment and inflation variables in the economy were first advanced
through the Keynesian model. The model stated that employment increase did not necessarily
relate with an increase in levels of inflation, and only the intervention of the expansionary
fiscal and monetary policies causes the relationship to exist since they only raise inflation
levels in an economy (Mukher). Therefore, the model gives no trade-off or clash in the
correlation between rising prices and unemployment. However, an article published by A.W.
Philips in 1958 gave the term Philips curve in explaining the link between rising prices and
unemployment in an economy. The Phillips curve theory relates the relation to nonlinear and
inverse (Mukher). With knowledge from the approach, the study seeks to explain the
association between rising prices and unemployment in Japan and China.
In China, the relationship is inversely related, confirming to the Phillips theory. The inverse
relations regard that as one increases, the other must decrease. These trade-off in the
economy tends to balance the adverse impacts of each variable in the economy (Mukher).
China has recorded continuous growth in its economy over the past 30 years, with a growth
rate of 10%. However, the growth has experienced numerous changes in the macroeconomic
variables of the country (Li and Liu). The GDP growth increases the Consumer price index
while the unemployment rates fall as the economy continues to grow factored by the rise in
inflation.
The numerous statistical data analysis regarding the unemployment and inflation in China
shows that the Chinese economy obeys the Phillips curve theory, whereby it states that the
lesser the unemployment rate, the higher the rate of inflation (Mukher). Using data of China’s
economy between 1978 and 2010, it exhibits negative relations in the unemployment and rise
of the country both in the distant future and the near future of the economy. The data shows
that when CPI, which is used as a measure if inflation rises by 1% while the unemployment
falls by 0.74% (Li, and Liu). However, it is essential to acknowledge the connection of the
two variables to the GDP of a country since high GDP lowers the unemployment rate while
also increases the inflation rates in an economy.
However, in the Keynes perspective, China relates in that as the higher natural growth rate
becomes experienced, it is hard for the government to deal with the issue of unemployment in
regards to inflation levels (Li and Liu). This is because the decreasing actual unemployment
rates cannot relate to the growth of the increasing population growth rate. Therefore, as
Keynes suggested reaching a full employment situation is very hard. Thus, the relationship
between inflation and unemployment does not exist since it can only work in a fullemployment attained economy.
Also, Japan demonstrates a relationship between inflation and unemployment, similar to that
advanced by Phillips. In a study investigating the economy, data shows that the economy of
Japan also conforms to the Phillips curve and, even to some extent, provides support of the
Keynesian model. In a 1970-2010 data analysis, the statistical analysis of the Philips curve
shows that the curve has a slope of -1.77 (Kitov) relating to the changes caused by an
increase in inflation, leading to the lowering of unemployment.
However, the CPI data brings uncertainty in explaining the relationship. Since in the long run
and short run of the economy, the data variables change and do not tell the full employment
attainment situation where with full employment, the increase in inflation has no significant
change to the levels of unemployment in the economy (Kitov). The CPI omits many factors,
and through this, they ascertain the aspects of Keynes in explaining the impact of the
expansionary fiscal and monetary policies in describing the association between
unemployment and rising prices (Mukher). The two variables rely on the labor force of a
country, and these measures tend to influence the movement of the labor force, causing the
desired outcomes in society. The statistical analysis through a linear regression provides a
Philips curve of Japan as R^2= 0.68, also asserting the opposite correlation of rising prices
and unemployment.
Consequently, the two nations provide insights into the connection between rising prices and
unemployment through the Phillips curve. However, the different causes of data
discrepancies in explaining some gaps in the data bring up the Keynesian model. In China,
these levels are influenced by GDP increase. While also in Japan, they are influenced by the
labor force of the country. Keynes suggested that an increase in unemployment cannot lead to
a rise in inflation. By looking at the long-run effects of the two Keynesian models is true
since the fiscal and monetary policies can regulate the inflation and unemployment levels of
the country (Mukher). However, in the short run, the relationship is more interpreted using
the Phillips curve. Which through it, the economist may learn how to respond to the
differences in the two variables and create an equilibrium that is hard to maintain, providing
the dilemma of either managing low inflation and increasing unemployment or lowering
unemployment levels and rising inflation levels. Therefore economists must employ the two
approaches among others in defining the relationship between inflation and unemployment.
Works cited
Kitov, Ivan. “Inflation And Unemployment In Japan: From 1980 To
2050”. Researchgate, 2010,
https://www.researchgate.net/publication/46462779_Inflation_and_unemployment_in_Japan
_from_1980_to_2050/citation/download.
Li, Changshuai, and Zi-juan Liu. “Study On The Relationship Among Chinese
Unemployment Rate, Economic Growth And Inflation.” Researchgate, 2012,
https://www.researchgate.net/publication/279646841_Study_on_the_relationship_among_Ch
inese_unemployment_rate_economic_growth_and_inflation.
Mukher, Subho. “Inflation And Unemployment: Philips Curve And Rational
Expectations Theory.” Economics Discussion,
http://www.economicsdiscussion.net/inflation/inflation-and-unemployment-philips-curveand-rational-expectations-theory/10625.
Course Title: Principles of Macroeconomics
Instructor: Ashraf Eid
Project Title: The effect of the world cup 2022 on Qatars economy
Date: 24/11/2019
Student Names:
The effect of the world cup 2022 on Qatars economy
Introduction:
Qatari government continuously seeks to diverse the economic growth and one of the
ways is hosting international events and conferences. The World Cup is one of the important
global events that have an impact on economic of the hosting country. Although there was a
lot of doubts from some that Qatar could not hosts this global event especially after the
economic blockade imposed by: Saudi Arabia, UAE and Bahrain. Since most of the projects
were monitored by Saudi Arabia and UAE. The Qatari government rectified the situation and
contracted with other suppliers and contractors to continue implementation of the projects. It
is expected that Qatar will make a significant economic gains from hosting this event.
The main factor is the Qatari GDP will shows a noticeable rises. The increases in GDP
of Qatar means that there will be increases in productions, incomes, and expenditures.
According to World Bank reports: The economy is expected to expand by 3% over the medium
term, helped by continued investments related to hosting the football world cup. The hosting
country will be able to produce more and increase the GDP, which mean that the consumption,
investment, government purchases and net exports will increase. The average of consumption
will increase as there will be many tourists who will attend this event. As the number of the
tourists increase it will be noticed that the number of spending on goods and services will
increase. In addition, the investments in Qatar will increase.
By hosting the FIFA World Cup in 2022, Qatar will attract many local and international
companies to invest in different new projects. Many local firms will open to provide the local
market with required supplies that be used to finalize the projects. These companies will have
a chance to increase their production. The number of production will be changed in 2022.
Moreover, the government purchases will shows increases as well. They will focus on to spend
more percentage of the growth on related projects such as; stadiums, hotels and infrastructures.
They need to pay salaries of workers who will be hired to implement these projects.
Theory:
Unemployment Rate:
Unemployment is one of the major problems that effects any economy. There are
three types of unemployment: Frictional, structural, and cyclical. Its clearly known that the
unemployment rate effected by the business cycle, as it increase in recession and decrease in
expansion. The Trading Economics reported about the unemployment in Qatar that,
Unemployment averaged 0.93 percent from 2001 until 2019. The unemployment rate in
Qatar has record a highest rate in fourth quarter of 2010 and lowest rate at first quarter of
2017. In Figure (1) it shows that the unemployment rate is stable until 2019 in average 0.10.
it is expected that with the increasing of GDP in Qatar the unemployment rate will fall down.
The firms will hire more people to implement the new projects. As there will be many
opportunities of jobs for people especially for entrepreneurs contribution in establishing
starts-ps. The firms will offer higher wages than the market wages. The higher wages motive
the workers to be more productivity.
Figure 1: unemployment rate of Qatar
Inflation Rate:
One of the facts in economic that the percentage of prices increase from year to year.
The rises in price level is result of increase in the cost of product or increase in the quantity of
GDP demand. The inflation average does not affect the ability of goods and services
production. Inflation affects the distribution of incomes. Some people may affected more
than others. Some people find that their incomes rate is raising faster than the inflation rate,
so the purchasing power is rising. Some other finds that their incomes rate is raising lower
than the inflation rate, so the purchasing power is falls. The people with fixed incomes such
as; retired workers they usually affected more than from inflation, because it reduce the
purchasing power of the payment.
Figure 2: Inflation rate
The figure (2) shows the average of inflation over last 10 years in Qatar. The chart
shows that the average of inflation rate in 2018 is 0.23 percent. Its expected that the inflation
rate in 2022 will increase in Qatar, as the quantity demand in GDP will increase. There will
be increase in the number of tourists, which leads to increase in demand and productivity, so
the price level will increase.
Qatar Population:
Currently Qatars population is at 2.639 million people with only 10% constituting for
Qataris and the remaining 90% expats. Qatars government is estimated to spend $200
billion for many infrastructure, housing and expenses made for the FIFA world cup players
and the immense number of foreigners it will continue to attract.
Y=C+I+G+NX
AD-SRAS-LRAS Model
Government spending is a component of aggregate demand. since the Qatari
government is spending a lot of money of the development for the FIFA world cup 2022. An
increase in government purchases will shift the aggregate demand curve to the right. This
rightward shift in aggregate demand will cause an increase in the real GDP. The economy will
have risen in quantity of demands and suppliers. When the number of quantities increase it will
help to reduce the number of unemployment, as there will be new projects that create
opportunities to hire more people.
As firms and workers adjust to a higher price level, this causes a shift in the SRAS to
the left since prices and the price level increase. Resulting in an equilibrium point above the
previous equilibrium with a higher price level.
1. Aggregate demand = aggregate supply = Long run aggregate supply (producing at
capacity) => point A
2. Increase in government purchases -> increase in aggregate demand -> AD curve shifts
right => point B
3. As firms and workers adjust to a higher price level, this causes a shift in the SRAS to
the left since the price level increases.
This results in the intersection of AD, AS and LRAS with a higher price level.
Application:
Qatar:
To Further discuss the economic effects of hosting the 2022 World Cup in Qatar, this
section will analyze how the developments and preparations made in advance of the World
Cup have a substantial positive effect on both short-term and long-term growth for the
economy.
To start, one characteristic of Qatars economy is its intense use of its labor force as
the unemployment rate in 2009, when Qatar was selected to host the Cup, was 0.31% which
is remarkably low as can be seen in figure (4). As we have discussed, we would expect the
unemployment rate for Qatar to substantially decrease in the years up to the Cup, due to an
increased demand for developmental projects and a high need for labor. The unemployment
rate in Qatar decreased quite dramatically between 2011 and 2018, from 0.56% to 0.14% as
shown in figure (4). This correlates directly with Qatars increase in government spending
which almost doubled from $15.29 billion in 2009 to $28.39 billion in 2018 according to
figure (4). Furthermore, figure (4) shows that capital investments have rapidly increased from
$42.02 billion in 2009 up to $74.46 billion in 2017. These factors are a result of Qatars plans
to develop its infrastructure and tourism facilities to meet the expected demand (Henderson,
2014); which is why the construction sector in Qatar saw an average 18% growth per-quarter
since 2012 until 2019 (Fattah, 2019). In general, what we are seeing is, demand-pull inflation
as the heavy investment has vastly increased aggregate demand, whereas the aggregate
supply is lagging. The inflation rate of -4.88% increased quite rapidly up 3.2% in 2014
(Statista, n.d.), however, the rate has decreased to 0.23% which is most likely caused due to
the fact that a majority of the development and infrastructural construction has been done
(Fattah, 2019). This is consistent with Qatars exports which saw a tremendous decrease in
2014 from $140.23 billion to $85.2 in 2017. Overall, the effect of hosting the World Cup has
been significant as Qatars GDP has increased from $97.8 billion in 2009 up to $192.01
billion in 2018 (38% of which is investment) which is an almost doubling of the countrys
GDP which will no doubt reap long-term benefits through the work of the multiplier effect
and infrastructure investment (Hurley & Solow, 2018).
Figure 4: The GDP of Qatar over the year and other related factors.(The Global
Economy, n.d.)
The projections of the GDP after the 2022 Games:
The projected gross domestic product (GDP) of Qatar is relatively higher, and the
trend is expected to be on the rise even after the games are over. In 2022, the games will
create a boom in the economic activities, with the country registering high numbers of
tourists, who will bring a significant amount of income to the countrys economy (Deliga,
2019). Like any other mega-event, the FIFA World Cup games in Qatar will push the GDP of
the country to a higher value. Even with other mega-events having turned to cause a less
significant increase in the GDP of host nations, the GDP of Qatar will significantly be high,
at least compared to years from 2007 (Deliga, 2019). Even after the end of the games, the
GDP is likely to remain up. This probably because of the increased publicity of the nation
through the mega event and the economic developments that are associated with it. There is
an expected increase in investment in the country, a high number of tourists revisiting Qatar,
and an increased rate of employment with continuous improvement in the living standards of
the citizens of the nation (Deliga, 2019). Since these are some of the factors that contribute
towards the growth of a country’s GDP, it is, therefore, reasonable to argue that Qatar’s GDP
will maintain high consistency in its growth.
Figure 5: The GDP of Qatar, before and after 2022. Retrieved from
https://www.statista.com/statistics/379978/gross-domestic-product-gdp-in-qatar/
Furthermore, the expected benefits from hosting the World Cup will be not only from
the event itself but also due to the potential for marketing Qatars tourism sector. Tourism
increased in Qatar from 1 million in 2007 to 2.8 million in 2014 (Henderson, 2014). The
expected number of tourists is forecasted to reach over 3.5 million after the World Cup and
potential 7.4 million by the year 2030 (Henderson, 2014). As we can see there is a lot of
potential for economic growth to be attained from the development of the service and sports
sectors. Investments in service facilities and 12 stadiums to be ready by 2021 can help
diversify Qatars economy and move it away from its current dependence on petroleum and
gas and instead towards its service, tourism and sports industries (Willis, 2004). Finally,
inflation for Qatar is forecasted to reach a steady level of 2% by 2022 and 2023, up from its
current level of 0.23% (Statista, n.d.). Needless to say, there is clear potential and expected
growth that can be reaped from the current development plans and investment that Qatar has
put into its infrastructure, service, and sports industries and so we can expect growth to be
particularly centered around these industries in both the short- and long-term.
Brazil:
This section will analyze Brazils economy before the FIFA World Cup 2014. Brazil
was confirmed as host in 2007, were the economy was performing satisfactorily. The GDP
growth was 6.1% and inflation averaged about 3.6%, according to the international Monetary
Fund. In 2008 the countrys economy was affected by financial crisis. The government
expenditures continued to rise and so did the inflation. The Brazilians became furious with
the costs generated by the World Cup by 2014. The population opinion was negative even
with the high expenditure the event generated but the government believes that the World
Cup 2014 was success.
Furthermore, this section will discuss the economic impact on Brazil after hosting the
FIFA World Cup 2014. FIFA reported in June 10,2014 that the Brazilian government spend
USD 15 billion with the World Cup (FIFA,2014). Later on, Federal Court of Accounts of
Brazil (TCU) published the country totalized USD 9.63 billion on expenses related with the
mega-event in December 2014.
A study conducted by the Economic Research Institute Foundation (FIPE) determined
that the World Cup would inject USD 13.43 billion in the overall Brazilian economy. The
tourism sector estimation for alone was expected to be around USD 3 billion, generated by
the 3.7 million domestic and foreign tourists during the event (Joao Saldanha Open Media
Center,2014). Moreover, same study estimated that the World Cup created close to 1 million
jobs, of which 710,000 were permanent jobs and 200,000 temporaries. The total amount,
approximately 50,000 workers entered the tourism sector directly (Joao Saldanha Open
Media Center,2014).
Figure 6: Brazil GDP Growth Rate
Figure 7
Vicente Neto, President of Embrasure (Brazilian Tourism Institute), revealed that
hosting the cup was essential to put the country on the international spot. Between 2003 and
2013, Brazil climbed 10 positions in the ranking of the International Congress and
Convention. Association (ICCA), from 19th to 9th in the world in number of conferences and
conventions hosted. The total number of events held in Brazil increased from 62 to 315 (and
the number of cities hosting events increased from 22 to 54) during that period, the result of a
decentralization policy adopted to attract international events (João Saldanha Open Media
Centre, 2014).
The government also believes the World Cup enabled the small businesses to earn
USD 223 million during the event and with the infra-structure construction (EMBRATUR,
2014).
The reports published by the government do not mention how those numbers were
calculated, so it is important to take into consideration there might be calculating the gross
direct impact of the infra-structure investments and consumption by the tourists, without
accounting for how the locals reallocated their leisure spending. As nicely written by Peeters,
Matheson, and Szymanski, most of the spending by local residents on the sporting event
does not generate new economic activity but simply reallocates spending within the
economy.
South Africa:
This section will analyze the economic impact of the changes that occurred in the
Republic of South Africa (RSA) from 2004, after RSA was assigned the bid to host the
World Cup, and the years following the event. I will discuss how the economic activity for
the World Cup changed certain economic indicators for South Africa and the overall changes
that occurred as a result of RSAs actions.
The economic changes that occurred between 2004-2010 were quite substantial as
they took the form of a large number of investments, heavy infrastructural changes for
tourism facilities, private and public partnerships to adequately meet the supply of equipment
and resources, future income for similar events after the Cup and the potential for marketing
opportunities (Thornton & Feinstein, 2003). This is supported by the GDP change from 20042010: from $228.59 billion (2004) which increased consecutively up to $375.35 billion in
2004 which is shown in figure (8). Furthermore, capital investments almost doubled from
$42.21 in 2004 to $73.24 in 2010 which can be seen in figure (8). Finally, also shown in
figure (8) the unemployment rate markedly shows how the demand for jobs increased as the
rate decreased from 29.58% to 24.69% . This all represents demand-pull inflation as the
unemployment rate decreased as the demand surpassed supply (due to heavy government
spending) and the inflation rate increased remarkably from a record-low of 1.43% in 2004
steadily up to 4.26% in 2010 (Statista, n.d.). All these changes accrued accumulatively in the
years up to the World Cup, indicating the strong positive effects that it had on the economy;
over $750 million of benefits were created for households, of which $228 million was
received by lower-income families (OECD Observer & Nene, 2013). Furthermore, over
100,000 jobs were created in construction (Sport & Recreation South Africa, 2012).
With regards to the changes after 2010: in 2011 tourism grew by 3.3% (SATSRU,
2012) and GDP increased by 10.9% as shown in figure (8). The unemployment rate did not
significantly change between 2010 and 2012 as shown in figure (8) , however, exports
increased from $82.6 billion to $107.41 and $126.85 million respectively, which may
potentially be related to the increased economic partnerships that were developed through the
World Cup preparation. All this evidence and data clearly seem to point to the fact that the
economic impact of the investments and development that were made for the World Cup
have positively affected the economy of South Africa, and this is partially due to the
multiplier of the direct spending (the multiplier effect) that helped allow South Africa to
reap large benefits from its investments (Makgabo, 2006).
Figure 8: Detailed GDP of South Africa before and after the FIFA World Cup 2010
and other related factors (The Global Economy, n.d.)
Conclusion:
In conclusion, with these case studies, we have observed a few similarities and trends
that were a direct result of hosting the World Cup. Firstly, the level of unemployment in the
years up to the event itself decreased quite substantially due to the sudden influx of demand
for changes to infrastructure and tourism facilities. The jobs that were created were not just
temporary as the long-term demand for jobs in the service sector and tourism sector increased
in each of these countries. Furthermore, we also can see the trend that the heavy capital
investments and government spending has had in producing demand-pull inflation. The
inflation rate gradually increased, while unemployment fell and each countries GDP
increased by a substantial amount, which was sustained even in the years following the
World Cup. As we saw with South Africa, the tourism industry grew by 3.3% in the years
after the Cup and it maintained its increased GDP. Brazil increased its socio-economic
standing with the world and created over 700,000 permanent jobs. And, currently, the data
for Qatar all seem to point towards the same conclusion, as we are seeing the same indicators
that both Brazil and South Africa had. Overall, the economic effect of the World Cup on
Qatar is expected to be even more pronounced due to the tremendous increase in its GDP that
occurred as a result of its current preparation for the Cup and the projections for its GDP after
the Cup are expected to be sustained, if not higher. With all of this in mind, it seems to be the
case that hosting the World Cup creates a lot of potential for a country to differentiate its
industries and to develop its infrastructure and service sectors, and as such, it paves the way
towards providing substantial growth for a nation.
References
Bin Jassim Al Thani, S K. (2019, August 20). Qatars Spending on Projects to Continue
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Deliga, T. (2019). Qatar Faces a Tight Squeeze for Its Compact World Cup. Retrieved 23
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Fattah, Z. (2019, July 4). Qatars $200 Billion Dash to World Cup Hits a Construction Cliff.
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Hurley, I., & Solow, J. (2018, June 21). Is There Any Real Economic Benefit to Hosting a
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Matsuoka De Aragao, Mirele, “Economic Impacts of the FIFA World Cup in Developing
Countries” (2015). Honors eses. Paper 2609.
Makgabo, T. (2006). The 2010 FIFA World Cup: A Development Opportunity for South
Africa. Discourse Diskoers, 34(2).
OECD Observer (Interviewer) & Nene, N. (Interviewee). (2013). Afterthe final: Reflections
on South Africa’s soccer World Cup[Interview transcript]. Retrieved from OECD Observer
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Qatar: Economic Update – April 2019. (n.d.). Retrieved from
https://www.worldbank.org/en/country/gcc/publication/qatar-economic-update-april-2019.
Qatar Inflation Rate. (n.d.). Retrieved from https://tradingeconomics.com/qatar/inflation-cpi.
Qatar Population and Expat Nationalities. (n.d.). Retrieved from
https://www.onlineqatar.com/visiting/tourist-information/qatar-population-and-expatnationalities.
South African Tourism Strategic Research Unit (SATSRU). (2012). Highlights of tourisms
performance in 2011[PowerPoint slides].Retrieved from
https://tkp.tourism.gov.za/Documents/Highlights%20of%202011%20v7.pdf
Sport & Recreation South Africa (SRSA). (2012). 2010 FIFA World Cup Country
Report.Retrieved from
http://www.srsa.gov.za/MediaLib/Home/DocumentLibrary/SRSACountryReport2013withcover.pdf
Statista. (n.d.). Inflation rate: South Africa | Statista. Retrieved November 23, 2019, from
https://www.statista.com/statistics/370515/inflation-rate-in-south-africa/
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