Australia's the 6th largest nation after Brazil, China, America, Canada, and Russia. Although, Australia is much smaller population-wise compared to the other large countries mentioned.
Australia has had incredible growth since December 1991 (source A). In addition, Australia also managed to avoid the 1998 Asian financial crisis and the global financial crisis in 2008 without any recession. Australia has been rather successful in comparison to most OECD countries and has experienced an expansion in unemployment and long-term unemployment since then.
Source A (Battellino, 2010)
Australia's Current state Australia compares very favorably on important macroeconomic indicators, including unemployment, Current Account Balances, inflation, GDP, and debt. Australia's Real Gross Domestic Product (GDP) has been rather consistent with its growth. In addition, its unemployment rate has been lower than the majority of OECD economies since the GFC Australia has the lowest debt (measured by Gross Financial Liabilities) in the OECD. In 2013, Australia's debt-to-GDP ratio was 34. 4%, whereas compared to America at 106. 5%, is significantly lower (source B). (written stuff source) (Junankar, 2014) Source B (Junankar, 2014) In fact, it even took Germany until the end of 2012 to be able to catch up with Australia. Australia has been able to go through the crisis with minimal inflation.
China's economy has increased since the 1978 introduction of economic reforms. Increasingly faster. Chinese statistics display that GDP from 1979 was increasing at an average rate of 9. 7% (Source C), meaning China is one of the world's most rapidly increasing economies. According to the World Bank, 'China's rapid development has raised nearly 200 million people out of extreme poverty. China has maintained a centrally planned, or command economy since its establishment in 1949 and until the end of 1978.
Source C (People's Daily Online)
China's current state Currently, China's GDP growth has had a steady decrease since the sudden rise in 2010, after the global financial crisis. In fact, China's GDP has decreased to 6. 8%. This is due to the severe slowdown in manufacturing and construction, which was once the main growth driver. (source D) Source D (China GDP Annual Growth Rate, n. d. ) China's unemployment rate has remained steady since 1990.
Economic Growth is 'an increase in the number of goods and services produced per head of the population over a period of time' Australia:
In the third quarter of 2016, Australia's economy contracted 0. 5%, rather than its revised 0. 6% growth in the June quarter. In addition, the market consensus of a 0. 3% expansion was also missed.
This was the first contraction since the March quarter of 2011 and the fastest fall since the December quarter of 2008.
The GDP Growth Rate in Australia averaged 0. 85% from 1959 until 2016, reaching an all-time high of 4. 4% in the fi...