Economic Comparison Australia and Asian Economies Essay Example

PART A

SNAPSHOT OF ECONOMIES

AUSTRALIA
CHINA
TAIWAN HONG KONG
Population 20,434,176 1,32,18,51,888 2,28,58,872 69,80,412
Population growth rate 0.824% 0.606% 0.304% 0.561%
Population density 2.6583 137.73 635.321 6392.318
Annual inflation rate 3%1 4.70%2 1.80%3 2%4
Unemployment rate 4.40%1 4%2 3.90%3 4.20%4
GDP growth rate 4%1 11.40%2 5.50%3 5.80%4
Exports (% of GDP) 20% 41.4% 72.3% 207.4% Current Account Balance (% of GDP) -6.2%5 11.1%6 8.3%7 12.3%8
Saving rate (%of GDP) 22.85% 30.69%9 15.26%9 45.81%9
Official interest rate 5.99% 2.8% 2.750 % 2.5%
Representative commercial interest rate 9.85% 7.9% 4.7% 5.9%
Urbanisation rate 84.9%(2005) 40.5%(2005) 81%(2005) 93%
Exchange rate against the US$ 1.21371 0.1407122 0.0325433 0.1284134
Percentage change in local currency cost of US$ over the last year -8.64%1 -4.51%2

0.95%3 0.45%4
Principal 3 trading partners according to importance Japan
China
US1 US
Japan
Hong Kong2 China
US
Japan3 China
US
Taiwan4
Principal exports and imports Export-
Japan 19.6%
China 12.3%
South Korea 7.5%
Imports-
China 14.4%
US 14.4%
Japan 9.6%1 Export-
US 21%
HongKong 16%
Japan 9.5%
Import-
Japan 14.6%
South Korea 11.3%
Taiwan 10.9%2 Export-
China 24%
Hong Kong 15%
US 13.4%
Import-
Japan 21%
China 12.7%
US 12.2%3 Export-
China 47%
US 15.1%
Japan 4.9%
Import-
China 45.9%
Japan 10.3%
Taiwan 7.5%4
Political system Federal Parliamentary Democracy Communist Leader Multiparty Democracy Limited Democracy
Political leader Kevin Michael Rudd5 Mr Wen Jiabao6 Chun hsiung7 Donald Tsang Yam-kuen8
Principal religions Catholic 26.4%, Anglican 20.5%, other Christian 20.5%,1 Daoist(Taoist)
Buddhist2 Mixture of Buddhist and Taoist 93%3 Local religion 90%4
Birth rate 12.02 births/1,0001 13.45