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Fri, Jun 06 2014, 2:06 AM
Submission ID: 54829378
Introduction to Economic Growth
In this report, the economic growth of Australia, USA and India is discussed. Economic growth is key factor to economic development. People of the nation are benefited when national income grows. The is no any scientific method of formula to measure the economic growth whereas the data, charts and other information can be helpful for strategy-makers to understand the countries’ economic positions and design a framework to guide for an effort toward development. Data are the artefacts covering measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). They also have pointers representing elements known to be appropriate to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports (The World Bank, 2014). GDP is one of the primary pointers to evaluate the economy of a country. GDP is the market value of goods and services produced by property and labour in a country in a given period of time regardless of nationality (The statistics Portal, 2014). Normally, it is calculated on an annual basis and includes all public and private consumption, government expenditure, investments, and net exports. The Gross Domestic Product is primary pointers in measuring a country’s standard of living. In addition, Real GDP is a key indicator to measure economic growth since it is a measurement that takes prices changes into consideration (The statistics Portal, 2014). Real shows the changes in the value of the national currency, known as inflation and deflation, which allows for the evaluation of a country’s annual GDP over a longer period of time (i.e. years or decades).
Glance on Economic Growth & comparison between Australia, USA & India AUSTRALIA
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very less public debt, and a strong and stable financial system. Until 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% year. Call for resources and energy from China and other Asian countries has rapidly grown, forming a good space for investments and growth in product exports. As Australian dollar is high and has hurt mainly manufacturing sector, on the other hand services sector covered largely in Australian economy, roughly about 70% of GDP and 75% of jobs. Agriculture contributes 4% of GDP and Industry has a share of 27.3% in GDP (The Statistics Portal Australia, 2014). Australia was one of the reasonably unaffected countries by the global financial crisis where the banking system was strength to keep inflation under control. Similarly, Australia is making a remarkable rise foreign trade with rising global product prices. Strength of Australia can be taken as an exporter of natural resources (mine), energy (coal), and food (agriculture). Australia's rich and diverse natural resources fascinate global investment in high level. Major investments are in coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. Continuous and major investments, approx. US$40 billion Gorgon Liquid Natural Gas project, meaningfully expand this sector. Australia considered to be an open market with fewer restrictions on trade of goods and services has enormously increased productivity, enthused growth, has made the economy significantly flexible and dynamic. Australia has mutual free trade treaties with Chile, Malaysia, New Zealand, Singapore, Thailand, and US. It also has very warm relation with commonwealth countries and exchanging agreements with China, India, Indonesia, Japan, and the Republic of Korea, which are near and contributing countries in Economic growth. Australia’s economy is well developed and is currently ranked 13th in a GDP-based ranking of the world’s largest...
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