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Global Economy

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 threecountries

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.
 
 
Reference List
Australian Bureau of Statistics (ABS) 2012, All Statistics. Viewed April 15, 2012 from:
Case, K E & Fair, R C 1992,Principles of macroeconomics. Englewood Cliffs, N.J: Prentice Hall.
Ciro, T 2012,The global financial crisis: Triggers, responses and aftermath. Farnham, Surrey: Ashgate Pub.
Department of Foreign Affairs and Trade (DFAT) 2012, Country Fact Sheet. Viewed April 15, 2012 from: www.dfat.gov.au
Kates, S 2011,The global financial crisis: What have we learnt?. Cheltenham: Edward Elgar.
Reserve Bank of Australia (RBA) 2011, Statement on Monetary Policy. Viewed April 15, 2012 from: http://www.rba.gov.au/publications/smp/2011/feb/pdf/0211.pdf
The Treasury 2012, Rebuilding after the floods. Viewed April 15, 2012 from: http://www.treasury.gov.au/floodrebuild/content/default.asp
The World Bank 2012, Economic Policy & External Debt. Viewed April 14, 2012 from: http://data.worldbank.org/topic/economic-policy-and-external-debt                                                                                                  


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