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GDP is a standard measure used in comparing the performance between economies. A country is said to be performing better than the other if its GDP level is higher than that of the other. The paper will compare Australian and China GDP and identify the best performing economy. Both Australian and China are major economies (Luke.Metcalfe, 2014). China is a planned economy whereas Australia is a mixed economy. The Australian GDP has been falling currently whereas that of China has been improving. This paper will show the comparison of their performance and will highlight some of the most important factor in the fall and the improvement respectively.
In terms of nominal GDP, the economy of China is larger than Australia.
Fig (a): Australian GDP for the Past Five years
Fig (b): China GDP for the Past Five years
Fig (c): Australian and China GDP for the Past Five years
Fig (a) shows that the GDP of Australia has a falling trend for the five years whereas Fig (b) indicates that the China GDP has a rising trend. Fig (c) reveals that before the year 2013 Australian GDP was always way above the China GDP. The Australian GDP was constantly rising until it reached its climax in 2013. After 2013, the Australian economy began performing poorly; its GDP constantly fell until to the current period. Ye (2013), pointed out that it would take half a century for Australia to achieve the same level of GDP as China. Though the China economy performed poorly as compared to China, its GDP has been rising year after year. In 2014, the China GDP was way above Australia. The comparison for the five years period shows that the greatest difference in GDP performance was experienced in 2015; during this period, China was at its climax level whereas the GDP of Australia was too low.
In 2011, the Australian GDP growth rate was 2.3 %; this was a boost since mineral resources demand became very strong from the outside countries; China has had the highest demand for these resources. The other major importer of Australian resources is Asia (Cavusgil et al., 2014). The results of this was an increased price of commodity resources such as coal, iron ore, and aluminum. Further, the export market for Australian products has been enlarged after the signing of free trade agreements with South-East Asia countries; this stimulated the growth rate (Thinkswap.com, 2016). In contrast, the China economy grew at a fast rate compared to Australia. Initially, the China’s growth was accelerated from its practice of open door policy where it encouraged foreign investment and created more jobs.
The growth of Australia in the past was very attractive; the factors behind this growth are; low unemployment, the inflation rate has been contained, its public debt has been low and its financial system has been secure and stable. Due to the strong banking system, Australia was not much impacted by the 2009 global financial crisis. Its growth was high even after the crisis whereas other economies were struggling to attain some recovery (Glenville, 2014). The Australian natural resources are abundant and diverse thereby attracting more foreign investors. China is a large exporter, and, in 2010, it became the largest. The collectivized agriculture phasing out of was the beginning of its reforms, the gradual liberalization of prices resulted after the expansion. The other reforms that followed included fiscal decentralization, the creation of a banking system that is diversified, increased autonomy for state enterprises, the rapid growth of the private sector, development of stock markets, and the opening to foreign investment and trade (Luke.Metcalfe, 2014). China is able to take advantage of the advancement in technology to raise its economic growth s compared to Australia (Ye, 2013).
Australia has not been into a recession for the past 25 years. This has been facilitated by its strong financial base, its system of government is effective, its legal system is well-functioning, and it’s an independent bureaucracy (Heritage.org, 2016). When the two economies are compared in terms of population size, China is larger. The living standards in China are also improved than in Australia (McTaggart, Findlay and Parkin, 2012 and Ifitweremyhome.com, 2016).
There are many similarities which have impacted the GDP of both Australia and China. The two are major exports with excellent trade agreements. Both are open to foreign investors who raise the investment level thereby creating more employment opportunities. The effectiveness of the government determines the economic growth. A strong financial system is essential for an economy to have efficiency in production as it boosts the confidence of investors. The availability of resources and a ready market for them raises the level of foreign revenue. The recent increment in Australian unemployment is the reason for its falling GDP.
Cavusgil, S., Knight, G., Riesenberger, J., Rammal, H. and Rose, E. (2014). International business. Australia: Pearson.
Grenville, S. (2014). The Australian economy: How does it compare? [Online] Lowyinterpreter.org. Available at: https://www.lowyinterpreter.org/post/2014/02/19/The-Australian-economy-How-do-we-compare.aspx [Accessed 24 Sep. 2016].
Heritage.org. (2016). Australia Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. [Online] Available at: https://www.heritage.org/index/country/australia [Accessed 24 Sep. 2016].
Ifitweremyhome.com. (2016). Compare Australia To China. [Online] Available at: https://www.ifitweremyhome.com/compare/AU/CN [Accessed 24 Sep. 2016].
Luke.Metcalfe, (2014). Australia vs China: Economy Facts and Stats. [Online] Nationmaster.com. Available at: https://www.nationmaster.com/country-info/compare/Australia/China/Economy [Accessed 24 Sep. 2016].
McTaggart, D., Findlay, C. and Parkin, M. (2012). Macroeconomics. Frenchs Forest, N.S.W.: Pearson Australia.
Thinkswap.com. (2016). The Similarities and Differences between Australia and China Economy | Year 11 HSC - Economics | Thinkswap. [Online] Available at: https://thinkswap.com/au/hsc/economics/year-11/similarities-and-differences-between-australia-and-china-economy [Accessed 24 Sep. 2016].
Ye, H. (2013). Chinese GDP and growth: What's in a number? - Economics Student Society of Australia (ESSA). [Online] Economics Student Society of Australia (ESSA). Available at: https://economicstudents.com/2013/04/chinese-gdp-and-growth-whats-in-a-number/ [Accessed 25 Sep. 2016].
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