HI5003 Economics for Business and Effects on GDPs of the Nations
Write a report on the following topic:-
GDP- Compare Australia with any other economy and discuss their GDP last 2 to 5 years and factors affecting their GDP
Unemployment –Discuss the unemployment rate, types, issues, and government policy of Australia and comment unemployment in various states of Australia. You need to specify in different region like NSW, WA, Tasmania, Qld or SA.
Inflation – Compare Australia with any other country from the list which includes Germany, UK, USA,China, India, Japan, Korea, Indonesia and discuss inflation and causes of inflation and the various governments policy on inflation.
Monetary or Fiscal Policy – Discuss Australia’s Monetary or Fiscal policy during last 3 to 5 years.
Economic Growth – Compare Australia with any other advanced economy or developing country and discuss their economic growth during last 5 years and its effects on the society. (both positive and negative)
Answer:
Introduction
At the present times, Gross Domestic Product (GDP) is considered as a persuasive technique that assumes a noteworthy part with a specific end goal to assess the economic and budgetary health as well as position of nations in an accurate manner. GDP plays a major role in the economic growth of nations. Moreover, GDP assumes a crucial part keeping in mind the end goal to quantify and break down the financial circumstance and money related estimation of all products that are delivered in the geographic fringes of a nation inside a particular day and age. GDP assumes a noteworthy part with a specific end goal to appraise and investigate the genuine estimation of a country in a viable and a precise way. In addition, with the assistance of GDP, the legislature ends up noticeably ready to gauge the general accomplishment and disappointment of a country in a successful way. Thus, GDP assumes a focal part to concede to the general monetary as well as money related execution of a country at the worldwide level.
On the other hand, production, income, and expenditure approaches are the three noteworthy methodologies of the GDP that assume a basic part with a specific end goal to survey the GDP rate of a nation in a suitable way. Thusly, GDP is considered as the most critical quantitative method that is important to gauge monetary and money related wellbeing and abundance of a country or countries appropriately. Apart from this, this research essay would be useful so as to depict the significant ideas identified with GDP with regards to Australia. Besides, this paper would be gainful to give a correlation between the GDP of Australia and Canada in an effective way. Additionally, this essay would be useful to portray the main considerations that affect the GDP of the countries in either a positive or a negative manner.
GDP: A Comparison of Australia and Canada
Nowadays, GDP assumes a basic part keeping in mind the end goal to mean the monetary estimation of the merchandise/items/benefits that are created inside the land outskirts of a country over a specific timeframe. Similarly, GDP yearly development rate is an essential measure that is useful to assess the financial execution of a country in a specific timeframe (Arnold, 2008). In the end of every last year, the World Bank distributes the GDP report of the countries. What's more, the information and report distributed by the World Bank are fundamental so as to assess and evaluate the monetary execution of country in term of their GDP. In addition, the report distributed by the World Bank would likewise good to think about the GDP development rate of the countries in a precise way. In addition to this, with regards to Australia, the ABS (Australian Bureau of Statistics) issues GDP report and with regards to Canada, Canada's National Statistical Agency prints GDP report of the country. These reports are basic with a specific end goal to gauge and figure the yearly GDP development rate of the countries in a viable and an exact way (The World Bank Group. 2017).
On the other hand, it ought to be noted down that, the budgetary emergency of 2007-2008 was exceptionally hazardous for the economy of the countries that impacted and furthermore declined the economy of the countries contrarily. This money related emergency is likewise mindful to turn down the GDP development rate of the countries for the span of that day and age (Anderson and Strutt, 2014). What's more, after the monetary emergency, in 2009, the GDP yearly development rate of Canada was - 2.71% even as the GDP yearly development rate of Australia was 1.73%. The GDP of Canada speaks to negative patterns in the economy of the country. The GDP rate of Australia is an indication of the solid monetary position of the country. Likewise, the underneath given table is useful to speak to the GDP yearly development rate of both countries Australia and Canada over the most recent five years (Statista. 2017).
|
Year |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Australia |
3.6% |
2.1% |
2.8% |
2.4% |
2.8% |
|
Canada |
1.7% |
2.5% |
2.6% |
0.9% |
1.4% |
On the premise of the above table, it can be accepted that, there is a consistent change in the GDP yearly development rate of Australia. As it were, one might say that, the GDP rate of Australia has been expanded over the most recent five year. For case, the GDP annual growth rate of Australia was 3.6%, 2.1%, 2.8%, 2.4%, and 2.8% in years 2012 2013, 2014, 2015, and 2016 respectively. As a result, it is trusted that there is an expansion in the yearly GDP development rate of the country. Conversely, by considering the information of the Canada, it can be comprehended that, the yearly GDP development rate of the country has been declined in a ceaseless way (Trading Economics. 2016). What's more, there might be seen a variance in the economies of both of the countries. Therefore, there is an all over in the economy and yearly GDP development rate of the country and that is unsafe for the general advancement of the country.
Moreover, it can be likewise gathered that, the GDP rate of Canada was 1.7%, 2.5%, 2.6%, 0.9%, and 1.4 % in years 2012 2013, 2014, 2015, and 2016 correspondingly. In this way, there is a vacillation in the GDP rate of Canada (Focus Economics. 2016). In addition to this, on the premise of the information given in the above table, in 2015, there can be seen a huge decrease in the GDP rate of the country. For case, the GDP rate was 2.6% in 2014, and 0.9 % in 2015. It is lower than half from the earlier year. This decay speaks to negative patterns in the economy of the country that are affecting the financial wellbeing and in addition abundance of Canada contrarily.
Then again, the above table is likewise useful to speak to a successful examination between the GDP rate of both countries Australia and Canada. For case, in 2012, the GDP rate of Australia was 3.6% though GDP rate of Canada was 1.7 % (Thorpe and Leitão, 2014). Moreover, in 2013, the GDP rate of Australia was 2.1%, while Canada was 2.5%. Similarly, in 2014, the GDP rate of Australia was 2.8% and in 2015 2.4% even as the GDP rate of Canada was 2.6% and .90% separately. Also, the GDP growth rate of Australia is recorded 2.8% in 2016. But, the GDP growth rate of Canada was 1.4%. It is just half of the GDP rate of Australia. On the premise of the assessment between the GDP yearly development rate of Australia and Canada, it can be inferred that, the GDP rate of the Australia is higher than the GDP rate of Canada. Therefore; it is trusted that, in current, the financial position and also execution of Australia is more grounded than Canada (Statista. 2017).
Along with this, by considering every one of the information given in the above table, it can be expected that, after the monetary emergency 2007-2008, the GDP development rate of the Australia has been enhanced consistently. Besides, the GDP rate of Canada communicates the negative financial patterns and market variance in the economy of the country that affect the yearly GDP development rate of the Canada. What's more, it ought to likewise be noted down that, there is less variances in the economy of Australia that is gainful for the solid financial position and high GDP rate of the country (Shahiduzzaman and Alam, 2014). Besides, the Average GDP rate of Australia is additionally higher than Canada and subsequently, there can be seen a standard increment in the GDP rate of the Australia. For example, the Average GDP rate of Canada is 2.4% even as the normal GDP yearly development rate of Australian is 3.50% and it demonstrates that the monetary condition of Australia is superior to other nations in the entire world.
Along these lines, on the premises of the above table, it ought to be noted down that, after the budgetary emergency 2007-2008, the GDP yearly development rate of Australia is expanding persistently. Besides, there can be seen a change in the GDP yearly development rate of Canada (Martin and Milway, 2012). Aside from this, it is likewise watched that, after the money related emergency, the GDP rate of Canada has been declined in most recent five years. What's more, it is likewise examined that, there is a littler measure of vacillation and ceaseless change in the economy of Australia. Thusly, one might say that, the monetary and in addition budgetary execution, circumstance, wellbeing and abundance of Australia is more grounded than Canada over the most recent five years (Égert, 2015).
Moreover, the beneath given chart is additionally useful keeping in mind the end goal to comprehend the GDP yearly development rate of both countries Australia and Canada over the most recent five years. This chart is likewise useful to exhibit the adjustments in the GDP rate of both countries in the earlier years (Lin, Edvinsson, Chen and Beding, 2013). In this diagram, the dark dabbed line remains for the GDP rate of Canada and the blue line demonstrates the GDP rate of Australia in a successful way.
(Source: Trading Economics. 2016).
On the premise of the chart, it ought to be noted down that, the GDP of Australia has been more prominent than before in the earlier years. The expanded GDP rate of Australia connotes positive patterns and additionally good market circumstances of the country. As a result, it can be believed that, the economy circumstances and states of Australia are ideal for the financial development and also accomplishment of the (The World Bank Group. 2017). Aside from this, on the premises of the chart, it is likewise watched that, GDP rate of Canada has been turned down in most recent five years. The diminished GDP yearly development rate of Canada calls attention to the negative patterns in the economy of the country.
Along with this, it is watched that the GDP rate of Australia has been enhanced in the earlier years. Consequently, it is significant to grasp the real causes that assume a noteworthy part keeping in mind the end goal to enhance the GDP rate of Australia in earlier years. There are various causes that enhance the GDP rate of Australia in last five to ten years. For case, government support to the business associations or ventures is the significant reason that expanded the GDP of the country (Hubbard, Garnett and Lewis, 2012). Moreover, expanded families obtaining power, expanded ware costs and the expanded request of crude materials are likewise the real causes that impact the GDP rate of the country emphatically in the earlier year. Additionally, high interest in the mining part is likewise viewed as one of the real causes that has been expanded the GDP rate of Australia in a compelling and a more complete way.
In addition to this, the solid monetary execution, ideal promoting conditions and patterns of the country accommodating to enhance the GDP rate of Australia. It is a result of the solid economy arrangement of the country assumes a huge part to draw in alternate nations; so they can put their cash in that country keeping in minds the end goal to gain higher profits for their speculations. In addition, blast in coal, press and money related and keeping money area enhanced the monetary conditions and in addition GDP development rates of the country in the earlier years (Thorpe and Leitão, 2014). This way, one might say that, these are the main considerations that impact the economy and GDP rate of Australia decidedly in the past era.
Then again, in the point of view of Canada, oil area, keeping money part, back segment, and land division assume a noteworthy part so as to enhance the economy execution of the country in most recent five years. High government and also private utilization, fares, and substantial request of the family unit merchandise/items has been upgraded the GDP rate of the country in the earlier years. Thusly, with the assistance of examination between the GDP of Australia and Canada, it can be felt that, the monetary framework, execution, wellbeing, and abundance of Australia is prevalent and much created in contrast with Canada (Estevão, and Tsounta, 2010). The below graph is helpful to show the GDP growth of both nations in previous years:
(Source: Budget. 2016-2017).
Elements That Have Effects on GDPs of the Nations
There are various variables influence economy and GDP rate of the countries in a positive and also a negative way. The central point that impact the GDP of both countries Australia and Canada are communicated as underneath:
Australia: The key elements that influence the GDP of Australia are enunciated as take after:
High Interest Rates: Interest rate is a central point that affects the GDP of the country. The high loan costs of Australia have affected the GDP of the country. For case, it ought to be noted down that, the loan fees of the country are higher than different countries that have been produced different difficulties and major issues before the administration of the country and affected the GDP rate of the country adversely (Hubbard, Garnett, and Lewis, 2012).
High Inflation Rate: Inflation is a key element that impacts the economy and GDP of a nation. Beyond any doubt, inflation remains alive in the economy of Australia that is perilous for the economy development and accomplishment of the country. Additionally, the underneath given diagram is helpful to value the effect of expansion on the economy and GDP of Australia. The chart brings up that in the previous years, the expansion rate of the country was high that has been affected the economy execution and GDP yearly development rate of Australia in negative way.
(Source: Trading Economics. 2016).
Unemployment Rate: The unemployment rate is likewise a vital variable that influences the GDP of the country. It is outstanding that, the unemployment rate of Australia was high in the earlier years. For case, the underneath graph is helpful to realize that the unemployment rate of Australia has been expanded petulantly in the earlier years and that is unsafe for the financial development and GDP of the country
(Source: Trading Economics. 2016).
Price of Products: The cost of ware is likewise a central point that impacts the GDP of a country. For case, it ought to be noted down that, the wares costs of Australia has been diminished in the earlier years that has been impacted the economy and GDP of the country in a negative way (Arnold, 2008).
Government Spending: The administration spending and venture is likewise the other critical element that influences the economy and GDP rate of the country. In any case, with regards to Australia, a low government spending and additionally speculation has been affected the economy execution and also GDP rate of the country in a negative way.
Canada: The central points that affect the GDP and economy of Canada are communicated as beneath:
Facilitated commerce Agreement: Free exchange understanding is a central point that has been affected the economy execution and GDP rate of the country contrarily. It is a result of the legislature of country has made a ton of concurrences with different countries that decrease the gainfulness as well as affected the GDP rate of the country adversely (Gu, Terefe and Wang, 2012).
Oil Prices: The expanded oil costs of country likewise influence the GDP rate of Canada adversely. For case, there can be seen a fast increment in the cost of raw petroleum and this expansion has been impacted the economy achievement, and GDP of the state contrarily (Sharpe, 2007).
Number of Employees: ever, there can be watched a noteworthy decrease in the quantities of assembly line laborers. This decay has been influenced the efficiency and also gainfulness of the country adversely. Besides, the decrease in the profitability has been affected the economy and GDP of the country.
Lodging Prices: The expanded lodging costs additionally impacted the economy and GDP rate of Canada contrarily. For case, in 2013, the lodging cost of Canada was 5.2% even as it was 6.8% in 2014 (Globerman and Storer, 2008). Along these lines, one might say that, these are the central points that influence the economy of the countries in a negative way. The administrations of the countries must accentuation on these elements and furthermore attempt endeavors to evacuate these negative variables to enhance the economy execution and in addition GDP rate of the country in a powerful and a more exhaustive way.
Conclusion
On the premise of above discussion, it can be comprehended that, GDP is a noteworthy instrument and method that assumes a critical part keeping in mind the end goal to quantify the monetary execution of a country in a successful and a more thorough way. Alongside this, it is likewise watched that, GDP rate of a country is an image of the positive and negative economy of the country. Besides, it is likewise examined that, the GDP rate of Australia is higher than the GDP rate of Canada that focuses out that the monetary arrangement of Australia is better than Canada. Moreover, it is likewise watched that the economy circumstances or states of Australia are great to the country. What's more, it can likewise be said that, there are various elements that affect the economy of the countries in both positive and in addition negative way. Consequently, it is prescribed that, the administration of both countries ought to concentrate on the negative variables or drifts and ought to create viable strategies to take away these components keeping in mind the end goal to enhance the monetary execution and GDP of the countries in a compelling and a more thorough way.
References
Anderson, K. and Strutt, A. (2014). Emerging economies, productivity growth and trade with resource?rich economies by 2030. Australian Journal of Agricultural and Resource Economics, 58(4), pp. 590-606.
Arnold, R.A. (2008). Macroeconomics. USA: Cengage Learning.
Budget. (2016-2017). Budget Overview. Available At: https://budget.gov.au/2016-17/content/glossies/overview/html/overview-01.htm [Accessed On: 2nd June 2017]
Égert, B. (2015). Public debt, economic growth and nonlinear effects: myth or reality? Journal of Macroeconomics, 43, pp. 226-238.
Estevão, M.M. and Tsounta, E. (2010). Canada's Potential Growth: Another Victim of the Crisis? USA: International Monetary Fund.
Focus Economics. (2016). Canada Economic Forecast. Available At: https://www.focus-economics.com/countries/canada [Accessed On: 2nd June 2017]
Globerman, S. and Storer, P. (2008). The Impact of 9/11 on Canada - U.S. Trade. Canada: University of Toronto Press.
Gu, W., Terefe, B. and Wang, W. (2012). The impact of R&D capitalization on GDP and productivity growth in Canada. Statistics Canada.
Hubbard, G., Garnett, A. and Lewis, P. (2012). Essentials of Economics. Australia: Pearson Higher Education AU.
Lin, C.Y., Edvinsson, L., Chen, J. and Beding, T. (2013). National Intellectual Capital and the Financial Crisis in Australia, Canada, Japan, New Zealand, and the United States. USA: Springer Science & Business Media.
Martin, R.L. and Milway, J. (2012). Canada: What it Is, what it can be. Canada: University of Toronto Press.
Shahiduzzaman, M. and Alam, K. (2014). Information technology and its changing roles to economic growth and productivity in Australia. Telecommunications Policy, 38(2), pp. 125-135.
Sharpe, A. (2007). Three Policies to Improve Productivity Growth in Canada (No. 2007-05). Centre for the Study of Living Standards.
Statista. (2017). Australia: Real gross domestic product (GDP) growth rate from 2010 to 2020* (compared to the previous year). Available At: https://www.statista.com/statistics/263602/gross-domestic-product-gdp-growth-rate-in-australia/ [Accessed On: 2nd June 2017]
Statista. (2017). Canada: Real gross domestic product (GDP) growth rate from 2010 to 2020 (compared to the previous year). Available At: https://www.statista.com/statistics/263603/gross-domestic-product-gdp-growth-rate-in-canada/ [Accessed On: 2nd June 2017]
The World Bank Group. (2017). GDP growth (annual %). Available At: https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG [Accessed On: 2nd June 2017]
Thorpe, M., and Leitão, N. C. (2014). Economic growth in Australia: Globalisation, trade and foreign direct investment. Global Business and Economics Review, 16(1). PP.75-86.
TRADING ECONOMICS. (2017). Australia GDP Annual Growth Rate. Available At: https://tradingeconomics.com/australia/gdp-growth-annual [Accessed On: 2nd June 2017]
TRADING ECONOMICS. (2017). Australia Inflation Rate. Available At: https://tradingeconomics.com/australia/inflation-cpi [Accessed On: 2nd June 2017]
TRADING ECONOMICS. (2017). Australia Unemployment Rate. Available At: https://tradingeconomics.com/australia/unemployment-rate [Accessed On: 2nd June 2017]
TRADING ECONOMICS. (2017). Canada GDP Growth Rate. Available At: https://tradingeconomics.com/canada/gdp-growth [Accessed On: 2nd June 2017]
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