The economic performance of countries reflects both domestic and global economic conditions. Ever since the Global Financial Crisis (GFC) – generally between the middle of 2007 and the end of 2009 - all major economies have experienced economic crises and downturns to varying degrees. You are required to collect and interpret data on the economic performance of Australia, the United Kingdom, and one Euro-zone economy (that is, one European Union economy of your choice that uses the Euro currency.
Collect and present (in line graph format), annual data for the ten years from 2006 to 2015 showing the rate of growth of real GDP, the inflation rate, and the unemployment rate for Australia, the United Kingdom and one Euro-zone economy of your choice that uses the Euro currency.
For Question 1 you have to produce a total of three time-series line graphs: one graph for each economy containing all three variables: (1) the rate of growth of real GDP, (2) the inflation rate, and (3) the unemployment rate. Label each axis, give your chart a title and state source of data.
To obtain the required data, access the World Development Indicators (WDI) provided by the World Bank on the following website:(Hint: If “control + click” does not take you directly to the link, just google for “World Development Indicators” and follow the link via Google)
If required, this website gives you a 5-minute tutorial about the WDI databank. The WDI Databank allows you also to create the required line graphs by clicking on “Chart” and then, having created the line graph, you can download the graph as a JPEG or other “picture”.
The WDI Databank allows you to download the data in Excel and, having done so, you can use the graphing tool in Excel to present three time-series line graphs: one graph for each economy containing all three variables. Label each axis, give your chart a title and state source of data.
Using the data collected for Question 1 – covering the ten years from 2006 to 2015 -, present three comparative line graphs. The first graph will show the rate of growth of real GDP of Australia, the United Kingdom and your chosen Euro-zone economy that uses the Euro currency. The second comparative line graph will show the inflation rate of the three economies and the third line graph will show the unemployment rate of the three economies.
What evidence do the data provide of the countries experiencing economic downturns and upswings in recent years? Identify the downturns and upswings with reference to the data and explain why you have identified the periods as downturns and upswings. On the basis of the data collected, what similarities and differences are there in the performance of the economies? Also contrast the performance of your chosen Euro-zone economy with the performance of the Australian and UK economies over the entire ten years and NOT just during the GFC. Avoid generalities and instead offer country-specific data, comments and explanations.