Study to Analyze Economic Growth of Australia

Added on - 18 Feb 2020

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Running head: ECONOMIC GROWTH OF AUSTRALIA IN THE LAST 3 TO 5 YEARSECONOMIC GROWTH OF AUSTRALIA IN THE LAST 3 TO 5 YEARSName of the StudentName of the UniversityAuthors Note
1ECONOMIC GROWTH OF AUSTRALIA IN THE LAST 3 TO 5 YEARSTable of ContentsIntroduction......................................................................................................................................2Economic growth of Australia in the last 3 to 5 years.....................................................................3Conclusion.....................................................................................................................................15References......................................................................................................................................16
2ECONOMIC GROWTH OF AUSTRALIA IN THE LAST 3 TO 5 YEARSIntroductionThe objective of this study is to analyze economic growth of Australia in the last 3 to 5years. Australian economy is considered as most developed and biggest mixed market nationsaround the globe. This nation is the second wealthiest economy as measured by wealth perpersons. The total wealth of Australia in the year 2016 resulted to AUD $8.9 trillion and hence itwas 14thbiggest economy in terms of nominal GDP1. In addition, this nation ranked 20thasaccounted by PPP adjusted GDP and was ranked 25thand 20thin terms of exporter and importer.Over the last 3 to 5 years, Australia record for uninterrupted GDP growth after the recessionaryphase. This economy is mainly controlled by the service sector that contributes to 61.1% of realGDP and employs 79.2% of workforce in the nation. This country has the highest naturalresources value that values at US $19.9 trillion in the last year. Despite huge decrease in growthof mining sector during recessionary phase, this nation remains resilient as well as stable over therecent decades. The Australian Securities Exchange in the nation is 16thbiggest stock exchangeas accounted by domestic market capitalization and has largest market for interest ratederivatives in Asia2. This nation has a vivacious free- market democracy that records to hugeeconomic growth unmarred by the recessionary phase for the last 3-5 years. Therefore,economic growth of this nation has been analyzed with the help of macroeconomic indicatorsthat includes GDP growth rate, unemployment rate, rate of inflation and balance of trade.1Anderson K, 'Sectoral Trends And Shocks In Australia's Economic Growth' (2017) 57 Australian EconomicHistory Review2Ceil C, 'Water Scarcity And Economic Growth Connection In Australia' [2012] SSRN Electronic Journal
3ECONOMIC GROWTH OF AUSTRALIA IN THE LAST 3 TO 5 YEARSEconomic growth of Australia in the last 3 to 5 yearsAustralia has been considered as one of the wealthiest country in Asia – Pacific and enjoys hugeeconomic expansion over the last 3 to 5 years. This nation is highly competitive in technology,service and manufacturing sector as compared to other nations. In addition, mining as well asagriculture industry are considered as vital export source and has a huge contribution in theoverall income of the country. Australia encourages foreign competition and hence prolongs tobe vigorous investment destination. Recent statistics reflects that though the government debt ofthis nation has been increasing since financial crisis, it records to lower amount as compared toother developed nations. The political environment of Australia is stable as the nation hastransparent political processes, sturdy legal system and proficient governance. Moreover, thenation has effective measures of anti-corruption and hence judicial system operates impartially.Furthermore, the regulatory environment in Australia is the most efficient as well as transparentand is favorable to the entrepreneurship. This nation’s labor market is highly flexible and thiscontributes to increase in employment. Moreover, this economy has recovered from slowdownowing to global recession and has grown with positive trend rate over the last 3- 5 years.Although the different industries in Australia contribute to the growth of the economy, they havesizeable differences in their business performance. Recent study reflects that mining andfinancial sector output grew at faster rate as compared to manufacturing industries output at anaverage rate. The economic condition of Australia is analyzed by using macroeconomic indicatorgiven below:GDP growth rate- Gross domestic product (GDP) refers to the monetary measurement ofthe value of products and services that is manufactured within the country during a giventime period. This macroeconomic indicator aids in accurately indicating the size of the
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