Economic Growth Comparison Between Countries: Real GDP, Per Capita Income, And Trade Relations

Economic growth comparison between countries

Real GDP Growth (%)

Average GDP per capita (US$)

Average Current Account Balance (US$b)

2016

2017

2016

2017

2016

2017

Australia

2.8

2.0

49896.5

53800

-370.3

-326.5

China

6.7

6.9

8115.8

8643.1

202.2

164.9

India

7.1

6.7

1749.2

1982.7

-15.3

-51.2

Japan

1.0

1.7

38982.9

38439.5

188.1

195.4

UK

1.8

1.7

40529.6

39734.6

-153.9

-106.7

USA

1.5

2.3

57558.9

59501.1

-451.7

-466.2

Comparison of countries’ trade with Australia

China

India

Japan

UK

USA

AUSTRALIA (A$m)

Merchandise Trade

(A$m)

164708

20856

66079

12990

43582

Investment Outward (A$m)

77099

13957

125122

333117

664512

Investment Inward (A$m)

64954

15494

219236

481387

896850

Australian Exports (A$m)

100184

15748

44981

6114

12269

Australia’s Imports (A$m)

64524

5109

21098

6876

31313

China

India

Japan

U.K

USA

Major items exports from Australia

Iron ores, coal, wools and other animal hair, copper ores, education and personal travel

Coal, vegetables, gold, copper ore, education and personal travel

Coal, iron ores, beef, copper ores, personal travel and transport

Gold, lead, alcoholic beverages, silver and petroleum, personal travel and professional and technical services

Beef, meat, aircraft, spacecraft, pharm products, professional and technical services, personal travel

Major items imports to Australia

Telecom equipment, computers, furniture, mattresses ad cushions, toys games and personal travel

Refined petroleum, medicaments, pearls and gems, railway vehicles, personal travel, professional and technical services

Passenger motor vehicles, gold, refined petroleum, goods vehicles, personal travel and transport

Passenger motor vehicles, medicaments, pharma products, alcoholic beverages, personal travel, professional and technical services

Passenger motor vehicles, aircraft, spacecraft, medical instruments, telecom equipments, personal travel and professional and technical services

(country)

Australia

China

India

Japan

U.K

U.S.A

Cultural practices

Power Distance

36= Organization has low powerful members and institutions accept this unequal distribution of power

80= high power distance indicates strong hierarchical position

77= Appreciate hierarchy, followed by a top-down structure

54= Concerned about hierarchical position

35= provide equal rights to people

40= Focus on equal rights, based on liberty and justice for every citizen

Individualism

90= follows extremely individualistic culture

20= Collective society

48= both collective and individualistic culture

46= collective society

89= individualistic culture is seen

91=Strong individualistic culture

 Masculinity

61= Strong competition and success

66= Strong competition and success giving less importance to leisure and family activities

56= medium competition and success

95= strong competition between groups

66= strong competition and success

62= Strong competition and success

Uncertainty Avoidance

51= Medium level of tolerance of society regarding ambiguity and uncertainty

30=  lower level of tolerance of society for  uncertainty and ambiguity

40= Take patient for tolerance and uncertain risks

92= strong level of tolerance and well-prepared for unseen risks

35= Cannot avoid uncertainty and experience risks

46= needs to be more tolerant regarding new opinions

Long Term Orientation

21= Follows short-term orientation showing respect for traditions and do not think about future. Hence, less savings of citizens for future

87= the country represents practical society focusing on future and accept changes in traditions. It also focuses higher amount of savings and investment

51= Follow changing traditions through accepting future while respect the old tradition as well

88= long-term orientation with changes in tradition an higher savings

51= adopts changes in tradition and also respects the old on and saves for future

26= Shows respect for traditions and does not want to adopt any changes

Indulgence

71= give importance on activities related to leisure

24= Give less importance on leisure

26= Give less importance on leisure related activities

42= give importance on activities related with leisure

69= Give importance on leisure activities strongly

68= Give importance on leisure activities

Religion(s)

Protestant (23.1%); Roman Catholic (22.6%); Other Christian (4.2%); Muslim (2.6%); and Buddhist (2.4%) and so on

Buddhist (18.2%), Christian (5.1%), Muslim (1.8%), folk religion (21.9%)

Hinduism (79.8%), Islam (14.2%), Christianity (2.3%), Sikhism (1.7%), Buddhism, Jainism and others

Shintoism (79.2%), Buddhism (66.8%), Christianity (1.5%) and others (7.1%)

Christianity (59.5%), Islam (4.4%), Hinduism (1.3%), Sikhism, Judaism and Buddhism

Christianity, Judaism, Islam, Buddhism, Hinduism and others

Education

1.Citizens have right to get better education

2.Number of students in tertiary education is developing

1. Mandatory education for 9 years;

2. very small percentage of total population attends college due to strong competition within admission process

1. The government takes various actions to reduce illiteracy rates among citizen

2. girls receive less opportunity compare to boys for going to school

1. Compulsory education for children, aged 6 years and above

2. Elementary school, middle school and high school

3. Graduate students are awarded for an advanced education

1. Compulsory education for children age between 5 years and 16 years

2. Offered higher studies with well-known universities

1. Education system follows elementary school, middle school and high school

2. Students receive opportunity to study at tertiary education level

Language(s)

1. Official language is Australian English, which almost 76.8% people of total population speak

2. Other languages are Irish (7.5%); Scottish (6.4%); and Italian (3.3%); and so on

Standard Mandarin, Cantonese, Hong Kong English and Portuguese

Hindi, Assamese, Marathi, Bengali, Nepali, Punjabi, Tamil, Urdu, Telegu, Sindhi, Santali, Kashmiri, English and so on

Japanese, English, German, Russian, French and so on

English, French, Spanish  and other Asian languages

English, Spanish, Indo-European languages and Asia-Pacific language

Australia

China

India

Japan

U.K

U.S.A

Right to Vote

Person aged above 18 years and lives in present address for at least 1 month can vote for both Federal and State elections

Person aged above 18 years

Person aged above 18 years

Person aged above 18 years living minimum 3 months in current resident

Above 18 years

Above 18 years

Frequency of elections

1. On the recommendation of the prime minister, the monarch appoints Governor general

2. Based on Australian constitution, elections of the House of Representatives holds at every 3 years

1. The national People’s Congress indirectly elect President and vice-president for 5-year term

2. The president of this country is the chief of the state

1.The president of this country serves for 5-year term

2. Elected members represent both parliament house and state legislatures

1. Election in House of Councilors is conducted for 3-year;

2. House of Representative serve for 4-year terms; and

3. local elections is conducted for every 4 years

5 year terms

Presidential election every 4 years after

Political Structure

1. Parliamentary democracy can be seen in Federal parliament under a constitutional monarchy

2. A Commonwealth monarchy

3. Two major political parties are Australian Labor Party and Country Liberal Party

1. Communist party, led by the Chinese Communist Party (CCP)

2. The CCP has control on eight other small registered parties

1. Federal parliamentary republic

2. Largest democracy

Parliamentary Constitutional monarchy

Parliamentary Constitutional Monarchy

1.Constitutional political republic

2. Two leading political parties, which are the Democrats and Republic

Legal System

Common law system depended on English model

Civil law based on continental Europe and Soviet

Common law system depended on English model

Civil law system depended on German model

Common law system

Common law system depended on English law

Relationship between the Legislature and Judiciary

Political system of this country is divided into 3 different Parts, which are:

1. The legislature makes the law;

2. Executive implements law into action; and 3. judiciary infers the laws through pronouncing judgment

2. The legislative includes the National People’s Congress (NPC) where people exercise state power, who take responsibility for all administrative, prosecutorial, judicial and military agency

3. Judiciary branch includes Supreme People’s Court, people’s court and others.

1. Executive: this includes the President, Vice President and cabinet ministers, who pass the law constructed by the parliament

2. Legislature: It consists with two houses, which are, Lok Sabha and Rajya Sobha and they make laws

3. Judiciary: It includes the Supreme Court, which solves any public related issues and conflict between executive and legislature

1. Parliament, often known as the Diet in China, includes the House of Representatives and the House of Councilors

2. Local and national constituencies elect members in the Upper House

3. Members of lower house have more power compare to the Upper House

3. The Judicial power of this country moves from supreme court to lower courts

4. The house of representatives express the legislative power

The legislature constructs the law and judiciary infers

2. The legislature, including elected members of the upper and lower houses of congress constructs the law; and 3. judiciary infers and apply laws and this includes the Supreme Court along with the U.S Court of Appeals