Presentation of the data in tables for each variable
Table 1: Real GDP
Australia (Billion)
China (Billion)
Greece (Billion)
1999-2000
416.923
1198.47
124.418
2000-2001
380.428
1324.81
129.842
2001-2002
397.239
1453.83
146.05
2002-2003
468.469
1640.96
192.85
2003-2004
615.276
1931.64
227.95
2004-2005
696.034
2256.90
240.076
2005-2006
749.316
2712.95
262.053
2006-2007
856.816
3494.06
304.899
2007-2008
1039.42
4521.83
341.188
2008-2009
924.843
4991.26
321.795
2009-2010
920.256
5926.61
301.083
2010-2011
917.7
6989.00
312
Source: The World Bank (2012)
Figure 1: Real GDP for Australia, China and Greece from 1999-2011
Table 2: Real GDP per capita
Australia
China
Greece
1999-2000
20617.59869
949.1780621
11396.23262
2000-2001
21768.04252
1041.637704
11857.73582
2001-2002
19596.54421
1135.44795
13292.349
2002-2003
20214.30691
1273.640743
17494.44136
2003-2004
23546.59072
1490.380056
20607.17607
2004-2005
30569.07496
1731.125235
21620.71749
2005-2006
34127.99729
2069.343631
23505.71996
2006-2007
36202.53321
2651.260121
27240.76615
2007-2008
40660.40393
3413.588661
30362.62926
2008-2009
48348.26129
3748.934494
28520.96379
2009-2010
42130.82032
4428.464599
26599.69686
2010-2011
40800
8400
30830.00
Source: The World Bank (2012)
Figure 2: GDP per capita for Australia, China and Greece from 1999-2011
Table 3: Annual real GDP growth
Australia
China
Greece
1999-2000
5.159854
8.4
3.419391619
2000-2001
3.951352
8.3
4.477405703
2001-2002
2.071616
9.1
4.197046359
2002-2003
3.903791
10
3.439148367
2003-2004
3.272264
10.1
5.94337579
2004-2005
4.155795
11.3
4.367631973
2005-2006
2.959141
12.7
2.280343689
2006-2007
3.081394
14.2
2.996193097
2007-2008
3.564178
9.6
-0.15686466
2008-2009
3.832065
9.2
-3.25060951
2009-2010
1.448372
10.4
-3.51671819
2010-2011
1.8
9.2
-6.00
Source: The World Bank (2012)
Figure 3: Annual real GDP growth for Australia, China and Greece from 1999-2011
2.256937
2.996193097
-0.15686466
-3.25060951
-3.51671819
Table 4: The unemployment rate
Australia
China
Greece
1999-2000
3.9
3.1
11.2
2000-2001
3.6
3.1
10.7
2001-2002
4.2
3.6
10.3
2002-2003
4.3
4.0
9.8
2003-2004
4.9
4.2
10.5
2004-2005
5.1
5.2
9.9
2005-2006
4.8
9.8
8.9
2006-2007
4.4
6.0
8.3
2007-2008
3.8
6.3
7.7
2008-2009
4.8
6.1
9.5
2009-2010
4.4
6.2
12.6
2010-2011
5.0
6.5
17
Source: The Treasury (2012).
Figure 4: The employment rate for Australia, China and Greece from 1999-2011
Table 5: The interest rate
Australia
China
Greece
1999-2000
5.75
5.85
11.62
2000-2001
4.25
5.04
8.63
2001-2002
4.75
5.15
5.30
2002-2003
5.25
5.23
3.88
2003-2004
5.32
5.22
2.76
2004-2005
5.50
5.30
2.23
2005-2006
6.25
5.56
4.0
2006-2007
6.75
7.47
5.2
2007-2008
4.25
5.31
6.7
2008-2009
3.75
5.53
8.02
2009-2010
4.75
5.81
9.09
2010-2011
4.25
6.56
15.75
Source: Department of Foreign Affairs and Trade (DFAT) (2012)
Figure 5: The interest rate for Australia, China and Greece from 1999-2011
Table 6: The inflation rate
Australia
China
Greece
1999-2000
4.475183076
-1.4
3.166082521
2000-2001
4.380841121
0.4
3.37396641
2001-2002
3.00317105
0.73
3.629362936
2002-2003
2.770735241
-0.77
3.530650792
2003-2004
2.343612335
1.17
2.898847969
2004-2005
2.668732782
3.90
3.545073049
2005-2006
3.538487339
1.82
3.19594597
2006-2007
2.332361516
4.78
2.89500102
2007-2008
4.352643242
5.90
4.152796359
2008-2009
1.82011224
-0.68
1.21007395
2009-2010
2.845225682
3.33
4.711666667
2010-2011
3.5
5.50
2.9
Source: The World Bank (2012)
Figure 6: The inflation rate for Australia, China and Greece from 1999-2011
Table 7: Government expenditure, taxes and GDP for Australia and Greece
Government expenditure
Taxes
GDP
Australia
506.1
31.1
917.7
Greece
154.5
39.9
308.3
Source: The World Bank (2012)
Figure 7: Government expenditure, taxes and GDP for Australia and Greece
The level and movement of the variables amongst the three countries
Real GDP
China has the highest real GDP for the period while Greece has the lowest real GDP. In addition, China has been experiencing a steady growth in the real GDP. Australia and Greece have a relatively low and constant growth in real GDP compared to China. The budgetary position of Australia and Greece has been constant and low.
The GDP per capita
Australia has the highest GDP per capita, whereas China has the lowest GDP per capita. The three countries have experienced steady growth on the GDP per capita for the period 1999-2011.
Annual real GDP growth
China has experienced the highest annual real GDP growth, while Greece has experienced the lowest annual real GDP growth. the annual real GDP growth increased from 1999 to 2007, and a decline was experienced from 2007 to 2011. Greece experienced a negative real GDP growth during the period 2009-2011, whereas Australia and China had a positive growth (The Treasury 2012).
The unemployment rate
Greece has experienced the highest unemployment rate, whereas China and Australia experienced a low unemployment rate. Greece experienced a declining unemployment rate from 1999, but the rate started to increase from 2008. China and Australia had the highest unemployment rates in 2006.
The interest rate
Greece has experienced a turbulent interest rate. The rates were high in 1999, and then declined up to 2005. In 2006, the country started to experience an increasing interest rate. China and Australia have been experiencing constant interest rates.
Inflation rate
Greece has been experiencing high inflation rates. China experienced low inflation rates in 1999, but these rates increased constantly to as high as 6% in 2011. Australia experienced relatively high inflation rates in 1999, but the rates started to decline towards 2011 (Reserve Bank of Australia (RBA) 2011).
How the GFC has influenced the economy for each country over the period
The global financial crisis started to be experienced in the year 2007 and 2008. The economies of the three countries being analysed were affected by the GFC. The real GDP of Australia was at the peak in 2008, where china started to experience an increase in real GDP from 2007. Greece has always experienced an increasing real GDP, but from the year 2007, the country has been having a constant real GDP. this indicates that the GFC affected the three countries, and economic recovery started to be experienced in 2009. However, Greece has remained behind in achieving economic recovery after the GFC. Australia and Greece experienced the highest GDP per capita in 2008/2008. China has always had an increasing GDP per capita throughout the years. This indicates that China was not adversely affected by the GFC. On the other hand, Australia and started to realise economic recovery in 2008/2009. Greece has experienced a turbulent economic environment during and after the GFC. The annual GDP has been on declining for Greece and China. In fact, Greece has experienced a negative annual real GDP from 2009. China had the highest annual real GDP in 2007, but this started to decline thereafter. This indicates that china performed remarkably well during the peak of the GFC, while Greece and Australia were adversely affected by the GFC. as the GFC continued to affect the Greece economy; unemployment remained high in the country. Unemployment has been declining since 1999 up to 2008. However, the rate of unemployment started to be experienced from 2009. the country had the highest rate of unemployment in 2011. China had the highest rate of employment in 2005/2006. Australia has maintained a constant and low rate of unemployment, while Greece has experienced the highest rate of unemployment. the GFC affected the economy of Greece to a great extent and the economy has not yet recovered from the crisis. Australia and china recovered from the GFC, and this has improved the rate of employment in true country (Ciro 2012).
The GFC has also caused high levels of interest rates in Greece; Australia has had constant and low rates of interest rates. China has also had low and constant interest rates, even though china has higher rates of interest rates for the period 1999-2011. This indicates that the GFC did not have a significant effect on the rate of interest for China and Australia. Greece has been adversely affected by the GFC, and this has caused high interest rates in 2011. China has experienced relatively high inflation rates, while Greece and Australia has been experiencing fluctuating inflation rates. The inflation rates for the three countries were highest during 2007/2008, when the GFC was at peak (Kates 2011).
Analysis and contrast of the macroeconomic behaviour of Greece and Australia
Greece has been experiencing a turbulent economic condition for a long period. The country was the worst affected by the GFC. This has made the country generate exceptionally low incomes from economic activities. As such, the GDP has been low compared to Australia. Since income is a component of consumption, investment, government expenditure and net taxes, [Y=C+I+G+ y(r-t)], it can be said that Greece has performed poorly compared to Australia (Case & Fair, 1992). Greece has higher tax levels, but the government expenditure is low compared to Australia. This indicates that the country has adverse economic policies to support the welfare of the people. This is also an indication that Greece has accumulated a lot of foreign debts. Therefore, most of the revenues collected from the economy is used in repaying debts rather than to use in government expenditure.
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