COMPARE AND CONTRAST THE ECONOMY OF AUSTRALIA AND JAPAN
In today society, in order to see and understand how the Australia’s economy develops and operates, economists often compare and contrast the Australian economy with other highly advanced industrialized economies around the world such as US, China, Korea, etc. In this essay, I will compare and contrast Australia and Japan’s economy to see how each system deal with specific issues such as economic growth, quality of life, employment and unemployment, distribution of income, environmental sustainability and the role of government.
First of all, economic growth is generally thought of as the most significant single measurement of an economy’s performance. Economic growth is measured by the as the percentage increase in the value of goods and services an economy produces over a period of time, this also refers to the “Gross Domestic Product” GDP. The total GDP of Australia is 1.52 trillion dollars in 2013, expanded 0.80% in the fourth quarter of 2013 over the previous quarter. Whilst the total GDP of Japan is 4.52 trillion dollars in 2013, expanded 0.30% in the fourth quarter of 2013 over the previous quarter. From looking at the recent statistics in the year 2013, the economic growth of Japan is much more greater than Australia, the total GDP of Japan is four times greater than GDP of Australia, also Japan has a more sustainable growth, only 0.30% increase from the previous quarter compared to Australia with 0.80% increased from the previous quarter. In fact, Japan is the world’s third largest automobile manufacturing country, has the largest electronics goods industry and is ranked among the world’s most innovative country. Whilst Australia still primarily depends itself on the “mining boom”, resources and trade, however the recent statistics showed that the “mining boom” is significantly dropping and the falls of Quatas has caused Australia to face some serious problems. It is clear why Japan economy growth is stronger than Australia.
Second of all, quality of
First of all, economic growth is generally thought of as the most significant single measurement of an economy’s performance. Economic growth is measured by the as the percentage increase in the value of goods and services an economy produces over a period of time, this also refers to the “Gross Domestic Product” GDP. The total GDP of Australia is 1.52 trillion dollars in 2013, expanded 0.80% in the fourth quarter of 2013 over the previous quarter. Whilst the total GDP of Japan is 4.52 trillion dollars in 2013, expanded 0.30% in the fourth quarter of 2013 over the previous quarter. From looking at the recent statistics in the year 2013, the economic growth of Japan is much more greater than Australia, the total GDP of Japan is four times greater than GDP of Australia, also Japan has a more sustainable growth, only 0.30% increase from the previous quarter compared to Australia with 0.80% increased from the previous quarter. In fact, Japan is the world’s third largest automobile manufacturing country, has the largest electronics goods industry and is ranked among the world’s most innovative country. Whilst Australia still primarily depends itself on the “mining boom”, resources and trade, however the recent statistics showed that the “mining boom” is significantly dropping and the falls of Quatas has caused Australia to face some serious problems. It is clear why Japan economy growth is stronger than Australia.
Second of all, quality of