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Economics and International trade Assignment PDF

   

Added on  2021-05-31

17 Pages3813 Words53 Views
Environmental ScienceEconomicsPolitical Science
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Running head: ECONOMICS AND INTERNATIONAL TRADEEconomics and international tradeName of the student:Name of the University:Author note
Economics and International trade Assignment PDF_1

ECONOMICS AND INTERNATIONAL TRADE1Table of ContentsIntroduction:..........................................................................................................................................2Current condition of the Australian coal mining industry:.....................................................................3Supply and demand framework for the Australian mining industry:.....................................................5Impact of the change in coal mining on the Australian economy:.........................................................7Gross Domestic Product:...................................................................................................................7Employment:.....................................................................................................................................9Inflation:..........................................................................................................................................10Trade balance:.................................................................................................................................11Conclusion:..........................................................................................................................................11Reference:............................................................................................................................................13
Economics and International trade Assignment PDF_2

ECONOMICS AND INTERNATIONAL TRADE2Introduction: Australia is one of the largest mixed economy that has been expanding in itsendeavours during the last three decades. Over the years, Australian economy has made itselfa mining based economy to a service sector based economy which is presently growing at amoderate growth rate of 2.8% (Bakker and Shepherd 2017). The state presently is facing 27thyears of positive growth rate that has largely been generated through the good performance ofboth the sector of the economy. As per the Purchasing Power Parity (PPP) method, Australiaranks 19th among all the states, and if the nominal Gross Domestic Product (GDP) isconsidered, then it is ranked 13th making it one of the developing nations around the world.With the 8.9 trillion dollar of GDP value the state has one of the most diverse economicstructure that provides substantial amount of push to the overall economic growth (Bice2014). As per the recent data, Australian economy generates 61.1% of its GDP through theservice sector and the second large sector that provides much amount of growth to thecountry’s GDP is the primary sector, where mining industry is accounted for the 6.9% andagriculture is acknowledged for the 2.2% share in the GDP of Australia (Dobele et al. 2014).Considering the job creation, it can be seen that the Australian economy produces muchamount of job from the primary sector and the mining is accounted for the highest amount ofemployment. Considering this it can be seen that Australian mining industry is one of themost important source of the growth for the country. In this context this report will analyse the Australian mining industry with specialfocus on the coal, which is acknowledged as one of the most crucial natural resource,essential for the sustainability of the economy of the state. The report will portray theperformance of the Australian coal mining industry and provide details regarding the samethrough the supply and demand framework analysis. To conclude the report will provide
Economics and International trade Assignment PDF_3

ECONOMICS AND INTERNATIONAL TRADE3summarised overview of its findings while providing different recommendations in order toovercome the present situation of the economy.Current condition of the Australian coal mining industry:Australia is a mineral-rich economy that has been confronting plenty of developmentrelying upon its mining enterprise. Although the reality that there has been plentiful measureof gold, crude petroleum gas and uranium; besides, the maximum essential natural asset thatAustralia have is coal. According to the statistics, around 75% of coal produced in Australiais being traded and it has produced 30% to 60% jobs in the state during the last four decades(Ali et al. 2017). As per the latest report, there has 43,381 work within the coal miningindustry amid 2013 to 2014 and the condition is expected to change to 39,128 amid thesubsequent time body (Park and Liang 2016). Work within the coal enterprise is themaximum accelerated out of all of the mining-related divisions that make it one of thefundamental segments for the financial improvement of the state.Figure 1: Coal export of AustraliaSource: (Baublys et al. 2015)
Economics and International trade Assignment PDF_4

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