The balance of payments is the record of the economic transactions between a country's population and the rest of the world. International trade can be affected by a nation's balance of payments. In a critical essay, please:

1. Select a country of your choice (other than Saudi Arabia) and observe the last balance of payments issued by that country. Does the country run a current account deficit or surplus?
2. What are the driving factors for the deficit or surplus?
3. What policies should the government implement to improve the external position of the country?

• Need full answer with explanation.
• Embed course material concepts, principles, and theories, which require supporting citations along with at least one scholarly, peer-reviewed reference in supporting your answer unless the discussion calls for more.
• References must be included.