Original questioN. Identify one nation (not the USA or Canada) that falls under
Original questioN. Identify one nation (not the USA or Canada) that falls under each classification and for each of the three nations, report: 1) their general geographic location, 2) per-capita GDP and 3) ranking on the latest UN Human Development Index.
Now imagine that you are leading a project team that has members who live in and work for your company in each of these three locations. Assume that the team works using English so that language is not an issue. Identify and explain the top three or four issues you would want to keep in mind in order to successfully lead your project team.
As always, your initial response to the prompt needs to be posted prior to Wednesday at midnight Eastern time, and your responses to at least 3 classmates posts over at least 2 different days need to be posted before midnight Sunday.
My response Developed, Developing, and Emerging Markets
Developed economieslikethe United Kingdom usually have well-established capital markets, better living standards,and excellent infrastructure. The United Kingdom islocated in thenorth-western side of Europe, and its GDP at the end of 2023 was46421.61 USD, makingit the world’s 5thlargest economy(The World Bank, 2024). The country is ranked at 0.929%on the United Nations HDI,showinga highhuman development rank.
An emerging market such as China is an economy that experiences a high growth rate and rapid development. China is located west of the Pacific Ocean and the East of Asia. ItsGDP per capita was at 12,556.33 USD in 2021. China’s HDI is ata low of 0.3%,mainly due to low welfare development and high reliance on natural resources.
Developing countries,on the other hand,have low living standards, over-reliance on agriculture,and minimal industrialization. An example of a developing country isSri Lanka, which is in Southern Asia. Sri Lanka’s GDP was4,013.69 USD in 2021, and its HDI is0.79%(United Nations Development Program, 2024). It wasdue to the welfare investments it had invested in the country in the early 1990s,which promoted its education system, healthcare institutions,and press freedom.
Issues to Consider in Project Team Management Across the Three Economies
These issuesincludeindustry competition, the government’s regulatory procedures, and the commercial infrastructure.Before venturing into a foreign market, it is advisable to understand the competitiveness in the market(Sanjyot, 2024). This allows the project managers to establish the appropriate strategies to overcome this competition. The legal regulation procedures in these foreign markets should also be considered. These include the initial license requirements, the taxation of foreign companies,and the labor laws. Understanding these legalrequirements ensures the company does not enter into legalbattles in the host country. The commercial infrastructure also plays a critical role in foreign companies. Theseare the energy sources, telecommunications, transport networks,and computing services. These factors vary across the countriesand are essential in the project’s performance RESPOND TO THE THREE STATEMENTS BELOW 150-200 words #1 Great job! I enjoyed reading your post for this week’s discussion. I would agree with the examples you picked for each category. The United Kingdom is certainly an example of a developed economy. What makes them a unique choice is that they are considered a country but are made up of separate parts England, Scotland, Wales, and Northern Ireland, uniting four individual populations, history, cultures, and markets. In addition, its decision for Brexit in 2020 saw them leaving the European Union (although it had always maintained the British pound for currency, if I am not mistaken). Yet, as you pointed out, the GDP per capita as a United Kingdom remains high, so is the HDI.
You mentioned that a factor to consider regarding possible issues are the labor law requirements of the host country. I had chosen Germany as developed economy in my post, and pointed out that Germany has its own laws, but there are also regulations of the European Union they belong to that have to be adhered to. In regards to the UK, although they are no longer part of the EU, England and Scotland have different labor laws, like Tribunal regulations, social care regulations, and Trade Union provisions (Peninsula Group, 2024), which can make working or leading a project in the UK more intricate, as geographical locations within the UK are to be considered.
Thanks for sharing your thoughts with us this week.
#2When reviewing Chapter 4 of Carpenter’s International Business: Opportunities and Challenges in a Flattening Word, I assessed the three types of classifications of economics as being Developed, Developing, and Emerging Markets (Carpenter, page 2571). Emerging, Developed, and Developing Markets are based on how much the citizens of that country earn, the diversity of their exports, and the sophistication of their financial system. Each classification is determined by looking at the biggest companies in the United States, viewing other emerging countries, and determining if investing in other countries would be beneficial. Some key takeaways are focused on growth and profit (CNBC International, 2018).
I will first define Gross Domestic Product (GDP) is the value of all goods and services produced annually by a country (Carpenter, page 2763), and Human Development Index (HDI) is a method used to measure people’s satisfaction based on life in terms of life expectancy, equal accessibility to quality education, and decent level of income. (Carpenter, page 2846).
Indonesia is considered an “Emerging Market” which was a term coined in 1981 by Antoine Van Agtmael in 1981. Indonesia is located in Asia. Their per-capita Gross Domestic Product (GDP) in 2022 increased by 10.47% at $4,788.00 (Macrotrends LLC, 2010-2024), and as of 2022 had a Human Development Index (HDI) of 72.91 (Statista, 2023).
Switzerland is considered one of the top 10 “Developed” countries in Europe as of 2021. Switzerland’s per capita GDP increase in 2022 was 0.12% at $92,101.00 (Macrotrends LLC, 2010-2024), and HDI of 0.962 (Statista, 2023).
Barbados is considered one of the “Developing” countries in the Caribbean with an HDI of .790 in 2021 (Statista, 2023), and a GDP of 16.21% in 2022 at $20,019.00 (Macrotrends LLC, 2010-2024).
One factor to keep in mind is to ensure there are clear plans put in place which will differ due to the location (i.e. climate, accessibility, labor force, etc.); therefore, flexibility would be a must. The second factor would be our approach and setting a realistic mission with achievable goals. We understand there are circumstances beyond our control which may factor in low productivity during certain seasons; therefore, we need to factor and adjust accordingly. The last factor I would keep in mind is understanding ownership of our successes and losses is a must for myself, as well as the team. #3 Developed Nation/Economy: Germany
Characteristics of a developed economy as defined by Carpenter (2018) :
Postindustrial, high per capita incomes, competitive industries, transparent legal and regulatory environments, well developed commercial infrastructures.
1.) Germany is located in Central Europe, with bordering states Belgium and Netherlands to the west, Denmark to the north, Poland and Czechia to the east, and Austria, Switzerland, and France to the southwest. Germany is a nation state, but also part of the European Union.
2.) GDP per capita: (measured in US$) nominal
2022 $48,718 (World Bank)
2024 $56.04 thousand (IMF)
3.) HDI:
2021/2022 report (latest) 0.94 in 2021 = very high (UN-HDR)
Developing Nation/Economy: Cambodia
Characteristics of a developing world as defined by Carpenter (2018) :
Rank lower in GDP and HDI, economy focused on one or more key industries, tend to have poor commercial infrastructure, local business environment not as transparent, usually weak competitive industry
1.) Cambodia is in Southeast Asia, with Thailand and Laos bordering to the north, and Vietnam on the southeast.
2.) GDP per capita:
2022 $1759.6 (World Bank)
2024 $2.04 thousand (IMF)
3.) HDI:
2021/2022 0.593 = medium (UN-HDR)
Emerging Market: South Korea, aka Republic of Korea (Bajpai, 2023)
Characteristics of an emerging market as defined by Carpenter (2018) :
Society transitioning from a centrally managed economy to a free market-oriented-economy, gradual integration in global market place, expanding middle class, improving living standards, social stability, and tolerance, increase in cooperation with multilateral institutions
1.) South Korea is located in East Asia, on the Southern half of the Korean Peninsula, with North Korea bordering to the north.
2.) GDP per capita:
2022 $ 32,422.6 (World Bank)
2024 $34.65 thousand (IMF)
3.) HDI:
2021/2022 0.925 = very high (UN-HDR)
Now imagine that you are leading a project team that has members who live in and work for your company in each of these three locations. Assume that the team works using English so that language is not an issue. Identify and explain the top three or four issues you would want to keep in mind in order to successfully lead your project team.
Housing & Spending Power of Employees
Germany, for example, has a sales tax of 19%, and prices in general are high compared to the US. Unlike active military members who are able to shop at the Commissary on post, my employees will have to purchase food and other items locally; therefore, their income will not have the same spending power as back home. Adjustments will probably have to be made. Housing is in high demand, driving up prices.
Laws in Foreign Countries
With all three countries, national and local laws are to be adhered to in order to successfully run a project. In case of Germany, which is part of the European Union, one has to consider national laws as well as the laws of the European Union, which often are similar, but not always the same.
South Korea, although an emerging market, has certain trade restrictions, specific labeling requirements, and requires certain licenses for foreign companies to operate on their soil (International Trade Administration, 2023).
Lack of Natural Resources
Depending on the project, are the natural resources needed adequately existent, or do I need to import from another country, which then requires knowledge of the country’s customs and trade requirements and restrictions.
Country’s Stability
When looking at a long-term project, the country’s overall political and social stability factors in. Are there signs of turmoil that might affect my business, or could endanger my employees? Knowing where your U.S. embassies are in foreign countries is always a plus.