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Report on Economic Analysis of Australia

   

Added on  2020-04-07

17 Pages3372 Words62 Views
Running head: ECONOMIC ANALYSIS1Economic AnalysisStudent’s nameProfessorCourseDate

ECONOMIC ANALYSIS2Question oneTable 1: GDP per capita (constant 2010 US$)200520062007200820092010201120122013201420152016Australia48702.73549418.68650952.46751788.44051651.22351874.08052372.15553348.38953798.35954394.33454941.91155670.924Germany38969.32240456.85741831.86742365.09740086.10541785.55744125.33144259.26044354.73744874.88145253.59645551.514Greece27698.51129176.39330054.88929874.74328514.81026917.75924495.71122830.52722251.25722479.00922578.01522736.455Singapore40020.26042223.89144191.23842650.10241133.30046569.68048447.68149103.70950731.29751865.71852244.58652600.641Source: The World BankTable 2: Australia’s GDP growth, Inflation, and Unemployment rates200520062007200820092010201120122013201420152016GDP growth (annual %)3.2042.9783.7503.6981.8122.0062.3733.6342.5702.6092.4222.766Inflation rate3.7095.0654.9764.5364.9251.0106.1842.055-0.1671.439-0.702-0.414Unemployment rate5.0334.7824.3774.2345.5615.2115.0815.2215.6566.0746.065.738Source: The World BankTable 3: Germany’s GDP growth, Inflation, and Unemployment rates200520062007200820092010201120122013201420152016GDP growth (annual %)0.7073.7003.2611.082-5.6194.0803.6600.4920.4901.5951.7211.867Inflation0.6210.3041.6970.8391.7570.7581.0701.5401.9651.8321.9691.444Unemployment11.16710.258.6587.5257.7426.9665.8245.3795.2314.9814.6244.311Source: The World Bank

ECONOMIC ANALYSIS3Table 4: Greece’s GDP growth, Inflation, and Unemployment rates200520062007200820092010201120122013201420152016GDP growth (annual %)0.5995.6523.274-0.335-4.301-5.479-9.132-7.300-3.2410.353-0.2190.012Inflation2.2403.4953.4234.3452.5700.6730.798-0.370-2.352-1.848-1.0440.097Unemployment9.9949.0088.3967.769.61612.71317.86524.43927.46626.49124.89723.909Source: The World BankTable 5: Singapore’s GDP growth, Inflation, and Unemployment rates200520062007200820092010201120122013201420152016GDP growth (annual %)7.4898.8609.1121.788-0.60315.2406.2243.8715.0013.5721.9331.996Inflation2.2261.7205.861-1.4923.521-0.0461.2330.360-0.239-0.4102.538-1.435Unemployment5.594.483.93.964.33.12.92.82.82.8011.691.829Source: The World Bank

ECONOMIC ANALYSIS4Question twoEconomic AnalysisGraph 1: Australia’s economic outlook (2005-2016)200520062007200820092010201120122013201420152016-2.000-1.0000.0001.0002.0003.0004.0005.0006.0007.000AustraliaGDP growth (annual %)InflationUnemployment%Source: Table twoGDP Growth and Unemployment RateThe relationship between Australia’s Gross Domestic Product and the Unemployment rate is in agreement with Okun's law, that is, there is a negative correlation between Gross Domestic Product growth and unemployment[ CITATION Arn13 \l 1033 ]. Between 2005 and 2008, unemployment in Australia was on the decline. In 2005 unemployment rate was 5.03% and 4.54% in 2008. In the same period, the Gross Domestic Product expanded, that is, from 3.20% in 2005 to 3.70% in 2008[ CITATION The177 \l 1033 ]. Similar trend was recorded in 2010 to 2011 and in 2015 to 2016. On the other hand, unemployment levels were high in 2009, 2013, 2014 and 2015. Consequently, during these financial years, the economy of Australia slowed down.

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