Economic Comparison Australia and Asian Economies

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PART A

SNAPSHOT OF ECONOMIES

AUSTRALIA
CHINA
TAIWANHONG KONG
Population20,434,176 1,32,18,51,888 2,28,58,872 69,80,412 Population growth rate0.824%0.606%0.304%0.561%
Population density2.6583137.73635.3216392.318
Annual inflation rate3%14.70%21.80%32%4
Unemployment rate4.40%14%23.90%34.20%4
GDP growth rate4%111.40%25.50%35.80%4
Exports (% of GDP)20% 41.4% 72.3% 207.4%

Current Account Balance (% of GDP)-6.2%511.1%68.3%712.3%8 Saving rate (%of GDP) 22.85% 30.69%9 15.26%9 45.81%9 Official interest rate 5.99%2.8% 2.750 % 2.5%
Representative commercial interest rate 9.85%7.9%4.7%5.9% Urbanisation rate84.9%(2005) 40.5%(2005) 81%(2005) 93% Exchange rate against the US$1.213710.14071220.03254330.1284134 Percentage change in local currency cost of US$ over the last year-8.64%1-4.51%2

0.95%30.45%4
Principal 3 trading partners according to importanceJapan
China
US1US
Japan
Hong Kong2China
US
Japan3China
US
Taiwan4
Principal exports and importsExport-
Japan 19.6%
China 12.3%
South Korea 7.5%
Imports-
China 14.4%
US 14.4%
Japan 9.6%1Export-
US 21%
HongKong 16%
Japan 9.5%
Import-
Japan 14.6%
South Korea 11.3%
Taiwan 10.9%2Export-
China 24%
Hong Kong 15%
US 13.4%
Import-
Japan 21%
China 12.7%
US 12.2%3Export-
China 47%
US 15.1%
Japan 4.9%
Import-
China 45.9%
Japan 10.3%
Taiwan 7.5%4
Political systemFederal Parliamentary DemocracyCommunist LeaderMultiparty DemocracyLimited Democracy Political leaderKevin Michael Rudd5Mr Wen Jiabao6
Chun hsiung7Donald Tsang Yam-kuen8
Principal religionsCatholic 26.4%, Anglican 20.5%, other Christian 20.5%,1Daoist(Taoist) Buddhist2Mixture of Buddhist and Taoist 93%3Local religion 90%4 Birth rate12.02 births/1,0001 13.45 births/10002

8.97 births/100037.34 births/10004
Death rate7.56 deaths/1,000 population17 deaths/100026.54 deaths/100036.5 deaths/10004 Infant mortality ratetotal: 4.57 deaths/1,000 live births
male;4.95deaths/1000 live births
female:4.16 deaths/1000 live births1total:22.12 deaths/1000 live births male:20.01 deaths/1000 live births2
female:24.47 deaths/1000 live births2total:22.12 deaths/1000 live births male:20.01 deaths/1000 live births
female:24.47 deaths/1000 live births3total:2.94 deaths/1000 live births male:3.12 deaths/1000 live births
female:2.74 deaths/1000 live births4

PART B

HISTORICAL PROFILE

REAL GDP

GDP growth rate of all the countries show a highly fluctuating trend.australian economy has had a fairly stable economic growth over the years .This resilient economic performance owes much to the wide ranging structural reforms and improved frameworks for monetary and fiscal policies tht were implemented after australian dollar was floated in 1983 .China’s GDP growth rose steeply in the 1960’s from negative to positive and in 2005 it recorded highest GDP in all 4 countries. Taiwan’s GDP growth has been declining qver the years.

INFLATION

China has touched the maximum inflation levels amongst the four given countries.Australia’s inflation rate touched the maximum in 1970’s and since then a a fluctuating but declining tred is observed. Under a fixed exchange rate regime, higher world prices were transmitted to domestic prices directly and indirectly through their effects on income. This partly explains why inflation during the 1970s was higher in Australia . Taiwan expereienced a steep fall in inflation during the 1980s while hongkong experienced such a situation in 1996-1999.

MONEY SUPPLY GROWTH

At a period between 1976-1979 Australia. China and Taiwan recorded the same money supply.it can be observerd that there have been sharp increase in money supply of all countries...
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