HI5003 Economics for Business
• Economic Growth – Compare Australia with any other advanced economy or developing country and discuss their economic growth during last 5 years and its effects on the society. (both positive and negative)
Structure of the Essay
• Introduction – which topic 300 words
• Body- Discuss the topic from your secondary research with some theory -2500 words
• Conclusion 200 words
• Better marks for those groups who have collected and analysed secondary data effectively and applied the various economic theories/models.
• You need articles between 4 to 6 from media (written by Uni Professors, Business leaders, Journalists, Government agencies like RBA/ABS/ACCC, or any other stakeholders in the industry) on your topic to write a decent assignment.
• Some graphs and charts are required to support your analysis.
• You need to give Reference with your assignment. (4 to 6)
Economic growth is the increase in the production and consumption of goods and services in a country over a particular period. It is a crucial indicator of a country’s economic development and progress. This essay compares Australia’s economic growth with China’s economic growth over the last five years and its impact on their respective societies. China has been one of the fastest-growing economies in the world, while Australia is considered an advanced economy. This essay aims to analyze the economic growth of both countries and its impact on their societies.
Australia’s Economic Growth:
Australia is one of the wealthiest and most developed countries globally, with a strong and stable economy. Over the last five years, Australia’s economic growth has been steady but slow. According to the Australian Bureau of Statistics (ABS), Australia’s gross domestic product (GDP) growth rate has been around 2.5% per annum. This slow growth rate is attributed to several factors, including a decline in the mining sector, low levels of investment, and weak consumer spending. However, Australia’s economy remains one of the most resilient in the world, thanks to its diverse sectors, including services, manufacturing, and agriculture.
Positive Effects of Australia’s Economic Growth:
One of the significant benefits of Australia’s economic growth is the increase in employment opportunities. As the economy grows, more jobs are created, reducing the unemployment rate. Another benefit is the increase in government revenue, which can be used to improve public services, such as health and education. Additionally, economic growth leads to an improvement in the standard of living, as people have more disposable income to spend on goods and services.
Negative Effects of Australia’s Economic Growth:
However, there are also negative effects of economic growth, such as environmental degradation. Australia’s mining sector has contributed to the depletion of natural resources, leading to environmental problems such as pollution, deforestation, and climate change. Economic growth can also lead to income inequality, where some groups benefit more than others, leading to social unrest and conflict.
China’s Economic Growth:
China is the world’s second-largest economy, with a growth rate averaging 6% per annum over the last five years. China’s rapid economic growth is attributed to several factors, including its vast population, a large workforce, and government policies that encourage investment and entrepreneurship. The Chinese economy is dominated by the manufacturing sector, which contributes significantly to its GDP.
Positive Effects of China’s Economic Growth:
China’s economic growth has led to a significant reduction in poverty levels, with millions of people being lifted out of poverty. Economic growth has also led to improvements in infrastructure and technology, improving the quality of life for many Chinese citizens. Additionally, economic growth has enabled China to become a global economic powerhouse, with increasing political influence in international affairs.
Negative Effects of China’s Economic Growth:
However, China’s economic growth has also had negative effects, such as income inequality, environmental degradation, and corruption. China’s manufacturing sector has been criticized for its poor working conditions, including low wages, long working hours, and poor safety standards. The rapid industrialization has also led to environmental pollution, with air and water pollution being significant problems in many Chinese cities.
This essay has compared Australia’s economic growth with China’s economic growth over the last five years. While both countries have experienced economic growth, their impact on society has been different. Australia’s economic growth has been slower but more stable, leading to improvements in employment and government revenue. However, environmental degradation remains a significant concern. On the other hand, China’s economic growth has led to a significant reduction in poverty levels, improvements in infrastructure and technology, and increased political influence globally. However, income inequality, environmental degradation, and corruption remain significant challenges. It is essential to balance economic growth with sustainable development, ensuring that all members of society benefit.