Real GDP Growth (%)
Discuss about the MGT340 Economic Growth Comparison.
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Economic growth comparison between countries |
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Real GDP Growth (%) |
Average GDP per capita (US$) |
Average Current Account Balance (US$b) |
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|
2016 |
2017 |
2016 |
2017 |
2016 |
2017 |
|
|
Australia |
2.8 |
2.0 |
49896.5 |
53800 |
-370.3 |
-326.5 |
|
China |
6.7 |
6.9 |
8115.8 |
8643.1 |
202.2 |
164.9 |
|
India |
7.1 |
6.7 |
1749.2 |
1982.7 |
-15.3 |
-51.2 |
|
Japan |
1.0 |
1.7 |
38982.9 |
38439.5 |
188.1 |
195.4 |
|
UK |
1.8 |
1.7 |
40529.6 |
39734.6 |
-153.9 |
-106.7 |
|
USA |
1.5 |
2.3 |
57558.9 |
59501.1 |
-451.7 |
-466.2 |
Table 1 represents economic conditions of six largest countries, which are, Australia, China, India, Japan, U.K and U.S.A. Through using real GDP growth rate, average GDP per capita (US$) and average current account (US$b), the table has intended to describe about economic stability and financial performance of these countries. According to these data, India has performed well in 2016 and 2017 along with China, as real GDP growth rate have remained high for these two countries compare to others (dfat.gov.au). Hence, it can be said that these two countries are expanding their economic structure and have earned potential to captures a large share of international market. Secondly, average per capita income for India and China are represented as low compare to other countries. Hence, it can be said that business organisations can hire labour at a lower wage rate. Except China and Japan, average current account balance for other four countries is showing negative values. It implies that those countries have imported more goods and services and have exported fewer products.
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Comparison of countries’ trade with Australia |
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China |
India |
Japan |
UK |
USA |
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|
AUSTRALIA (A$m) |
Merchandise Trade (A$m) |
164708 |
20856 |
66079 |
12990 |
43582 |
|
Investment Outward (A$m) |
77099 |
13957 |
125122 |
333117 |
664512 |
|
|
Investment Inward (A$m) |
64954 |
15494 |
219236 |
481387 |
896850 |
|
|
Australian Exports (A$m) |
100184 |
15748 |
44981 |
6114 |
12269 |
|
|
Australia’s Imports (A$m) |
64524 |
5109 |
21098 |
6876 |
31313 |
|
China |
India |
Japan |
U.K |
USA |
|
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Major items exports from Australia |
Iron ores, coal, wools and other animal hair, copper ores, education and personal travel |
Coal, vegetables, gold, copper ore, education and personal travel |
Coal, iron ores, beef, copper ores, personal travel and transport |
Gold, lead, alcoholic beverages, silver and petroleum, personal travel and professional and technical services |
Beef, meat, aircraft, spacecraft, pharm products, professional and technical services, personal travel |
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Major items imports to Australia
|
Telecom equipment, computers, furniture, mattresses ad cushions, toys games and personal travel |
Refined petroleum, medicaments, pearls and gems, railway vehicles, personal travel, professional and technical services |
Passenger motor vehicles, gold, refined petroleum, goods vehicles, personal travel and transport |
Passenger motor vehicles, medicaments, pharma products, alcoholic beverages, personal travel, professional and technical services |
Passenger motor vehicles, aircraft, spacecraft, medical instruments, telecom equipments, personal travel and professional and technical services |
Table 2 has illustrated various economic factors like merchandise, investment, exports and imports to describe the trade relations of five major countries with Australia. This in turn can help to understand about the position of Australia in international economy. It can be seen from the above table that each country except China has invested more money in Australia compare to investment of Australia in those countries. This huge amount of foreign investment has helped Australia to enrich economically. Moreover, Australia has exported goods and services by large amount to U.S.A and China. On the other contrary, the country has imported goods and services by large amount from China, U.S.A and Japan (dfat.gov.au). Hence, from this exporting relation, it can be said that Australia has captured significant market share in terms of international trade in global economies. The entire discussion based on 2016-2017 data stated that the country could develop further through maintaining proper relationships with these five major countries.
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(country) |
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Australia |
China |
India |
Japan |
U.K |
U.S.A |
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Cultural practices |
Power Distance |
36= Organization has low powerful members and institutions accept this unequal distribution of power |
80= high power distance indicates strong hierarchical position |
77= Appreciate hierarchy, followed by a top-down structure |
54= Concerned about hierarchical position |
35= provide equal rights to people |
40= Focus on equal rights, based on liberty and justice for every citizen |
|
Individualism |
90= follows extremely individualistic culture |
20= Collective society |
48= both collective and individualistic culture |
46= collective society |
89= individualistic culture is seen |
91=Strong individualistic culture |
|
|
Masculinity |
61= Strong competition and success |
66= Strong competition and success giving less importance to leisure and family activities |
56= medium competition and success |
95= strong competition between groups |
66= strong competition and success |
62= Strong competition and success |
|
|
Uncertainty Avoidance |
51= Medium level of tolerance of society regarding ambiguity and uncertainty |
30= lower level of tolerance of society for uncertainty and ambiguity |
40= Take patient for tolerance and uncertain risks |
92= strong level of tolerance and well-prepared for unseen risks |
35= Cannot avoid uncertainty and experience risks |
46= needs to be more tolerant regarding new opinions |
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Long Term Orientation |
21= Follows short-term orientation showing respect for traditions and do not think about future. Hence, less savings of citizens for future |
87= the country represents practical society focusing on future and accept changes in traditions. It also focuses higher amount of savings and investment |
51= Follow changing traditions through accepting future while respect the old tradition as well |
88= long-term orientation with changes in tradition an higher savings |
51= adopts changes in tradition and also respects the old on and saves for future |
26= Shows respect for traditions and does not want to adopt any changes |
|
|
Indulgence |
71= give importance on activities related to leisure |
24= Give less importance on leisure |
26= Give less importance on leisure related activities |
42= give importance on activities related with leisure |
69= Give importance on leisure activities strongly |
68= Give importance on leisure activities |
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|
Religion(s) |
Protestant (23.1%); Roman Catholic (22.6%); Other Christian (4.2%); Muslim (2.6%); and Buddhist (2.4%) and so on |
Buddhist (18.2%), Christian (5.1%), Muslim (1.8%), folk religion (21.9%) |
Hinduism (79.8%), Islam (14.2%), Christianity (2.3%), Sikhism (1.7%), Buddhism, Jainism and others |
Shintoism (79.2%), Buddhism (66.8%), Christianity (1.5%) and others (7.1%) |
Christianity (59.5%), Islam (4.4%), Hinduism (1.3%), Sikhism, Judaism and Buddhism |
Christianity, Judaism, Islam, Buddhism, Hinduism and others |
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|
Education |
1.Citizens have right to get better education 2.Number of students in tertiary education is developing |
1. Mandatory education for 9 years; 2. very small percentage of total population attends college due to strong competition within admission process |
1. The government takes various actions to reduce illiteracy rates among citizen 2. girls receive less opportunity compare to boys for going to school |
1. Compulsory education for children, aged 6 years and above 2. Elementary school, middle school and high school 3. Graduate students are awarded for an advanced education |
1. Compulsory education for children age between 5 years and 16 years 2. Offered higher studies with well-known universities |
1. Education system follows elementary school, middle school and high school 2. Students receive opportunity to study at tertiary education level |
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Language(s) |
1. Official language is Australian English, which almost 76.8% people of total population speak 2. Other languages are Irish (7.5%); Scottish (6.4%); and Italian (3.3%); and so on |
Standard Mandarin, Cantonese, Hong Kong English and Portuguese |
Hindi, Assamese, Marathi, Bengali, Nepali, Punjabi, Tamil, Urdu, Telegu, Sindhi, Santali, Kashmiri, English and so on |
Japanese, English, German, Russian, French and so on |
English, French, Spanish and other Asian languages |
English, Spanish, Indo-European languages and Asia-Pacific language |
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Australia |
China |
India |
Japan |
U.K |
U.S.A |
|
|
Right to Vote |
Person aged above 18 years and lives in present address for at least 1 month can vote for both Federal and State elections |
Person aged above 18 years |
Person aged above 18 years |
Person aged above 18 years living minimum 3 months in current resident |
Above 18 years |
Above 18 years |
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Frequency of elections |
1. On the recommendation of the prime minister, the monarch appoints Governor general 2. Based on Australian constitution, elections of the House of Representatives holds at every 3 years |
1. The national People’s Congress indirectly elect President and vice-president for 5-year term 2. The president of this country is the chief of the state |
1.The president of this country serves for 5-year term 2. Elected members represent both parliament house and state legislatures |
1. Election in House of Councilors is conducted for 3-year; 2. House of Representative serve for 4-year terms; and 3. local elections is conducted for every 4 years |
5 year terms |
Presidential election every 4 years after |
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Political Structure |
1. Parliamentary democracy can be seen in Federal parliament under a constitutional monarchy 2. A Commonwealth monarchy 3. Two major political parties are Australian Labor Party and Country Liberal Party |
1. Communist party, led by the Chinese Communist Party (CCP) 2. The CCP has control on eight other small registered parties |
1. Federal parliamentary republic 2. Largest democracy |
Parliamentary Constitutional monarchy |
Parliamentary Constitutional Monarchy |
1.Constitutional political republic 2. Two leading political parties, which are the Democrats and Republic |
|
Legal System |
Common law system depended on English model |
Civil law based on continental Europe and Soviet |
Common law system depended on English model |
Civil law system depended on German model |
Common law system |
Common law system depended on English law |
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Relationship between the Legislature and Judiciary |
Political system of this country is divided into 3 different Parts, which are: 1. The legislature makes the law; 2. Executive implements law into action; and 3. judiciary infers the laws through pronouncing judgment |
2. The legislative includes the National People’s Congress (NPC) where people exercise state power, who take responsibility for all administrative, prosecutorial, judicial and military agency 3. Judiciary branch includes Supreme People’s Court, people’s court and others. |
1. Executive: this includes the President, Vice President and cabinet ministers, who pass the law constructed by the parliament 2. Legislature: It consists with two houses, which are, Lok Sabha and Rajya Sobha and they make laws 3. Judiciary: It includes the Supreme Court, which solves any public related issues and conflict between executive and legislature |
1. Parliament, often known as the Diet in China, includes the House of Representatives and the House of Councilors 2. Local and national constituencies elect members in the Upper House 3. Members of lower house have more power compare to the Upper House 3. The Judicial power of this country moves from supreme court to lower courts 4. The house of representatives express the legislative power |
The legislature constructs the law and judiciary infers |
2. The legislature, including elected members of the upper and lower houses of congress constructs the law; and 3. judiciary infers and apply laws and this includes the Supreme Court along with the U.S Court of Appeals |
References and Bibliography:
China. (2018). Department of Foreign Affairs and Trade. Retrieved 30 July 2018, from https://dfat.gov.au/geo/china/Pages/china.aspx
Compare countries – Hofstede Insights. (2018). Hofstede Insights. Retrieved 30 July 2018, from https://www.hofstede-insights.com/product/compare-countries/
India. (2018). Department of Foreign Affairs and Trade. Retrieved 30 July 2018, from https://dfat.gov.au/geo/india/Pages/india.aspx
Japan. (2018). Department of Foreign Affairs and Trade. Retrieved 30 July 2018, from https://dfat.gov.au/geo/japan/Pages/japan.aspx
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/uk.html
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/as.html
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/ch.html
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/in.html
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/us.html
The World Factbook — Central Intelligence Agency. (2018). Cia.gov. Retrieved 30 July 2018, from https://www.cia.gov/library/publications/resources/the-world-factbook/geos/ja.html
United Kingdom. (2018). Department of Foreign Affairs and Trade. Retrieved 30 July 2018, from https://dfat.gov.au/geo/united-kingdom/Pages/united-kingdom.aspx
United States of America. (2018). Department of Foreign Affairs and Trade. Retrieved 30 July 2018, from https://dfat.gov.au/geo/united-states-of-america/Pages/united-states-of-america.aspx
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