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Comparative Economies Of Japan, Australia And Russia

1252 words - 5 pages

SynopsisI have elected to research the countries Japan, Russia and Australia for this assignment as the economies offer a major contrast when compared to each other. For example, Japan is the world’s third largest economy and had maintained a highly technologically advanced and developed manufacturing industry. Russia is undergoing major change as it undergoes major economic reform and adjustment in a planned economic framework, and Australia as it is a relatively small and isolated player in international economic markets; yet has demonstrated great resilience and agility in the current financial crisis. Importantly, while the current economic crisis has served to highlight points of economic difference, it has also highlighted similarities and how they respond to different stimuli.Economic GrowthThe following graph demonstrates economic statistics for each country and is useful in assisting an understanding of what is happening in each economy. The comparative analysis highlights differences in labour and unemployment while providing a clear indicator of capacity.TABLE 1JAPANAUSTRALIARUSSIAGDP (Gross Domestic Product)$US4.487trillion$US 824.9billion$US 2.225trillionLabour Force66.15million11.21million75.7millionUnemployment Rate4.2%4.5%6.2%Public Dept170.4% of GDP15.4% of GDP6.8% of GDPGDP – Per Capita$US35,300$US15,800$US39,300Labour force – by SectorAgriculture: 4.4%Industry: 27.9%Services: 66.4%Agriculture: 3.6%Industry: 21.1%Services: 75%Agriculture: 10.2%Industry: 27.4%Services: 62.4%HDI0.9560.9650.806Information sourced from the CIA Fact bookEconomic Growth and Sources of Growth over TimeAustraliaAustralia is a fortunate and strikingly stable market economy, despite current economic circumstances. Australia’s economy has been accelerating forward over the last 17 years due largely to a strong resources boom and increasing international market share. This has resulted in significant economic growth with low inflation, a strong housing market, major fiscal and tax reform, and generally strong export markets for most raw materials – all of which has directly contributed to a sustained GCP. Unfortunately for Australia, as the current economic crisis worsens, the economic problems are exacerbated by these same factors, such as a strong dependence on markets in China (the main purchaser of Australia’s minerals) and generally reducing resource markets.RussiaRussia’s economy has undergone dramatic structural reform from its roots as a planned economy. Its dependence on oil in particular is shifting opportunities to a mixed market economy. Russia has had a steady period of economic growth over the past 10 years averaging seven percent per annum. Although Russia has maintained steadily increasing growth over the last ten years, due largely to the benefits from oil, its failure to redirect these same funds back into infrastructure, health and educations and seen many advantages from this sustained period of growth...

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