There are a variety of ways in which different economies can be compared, including GDP comparisons, quality of life, structure of economy and government roles. Australia and Bangladesh have similar economic structures, both being mixed economies. The differences of these two nations are quite large, with great variations in Gross Domestic Products and Human Development Indices.
Economic Growth Rate is a quantitative measure of an economy’s increase in Gross Domestic Product (GDP) over time. Bangladesh’s real GDP growth rate was 5.8% in 2013, much higher than Australia’s growth rate of 2.5% in 2013. Gross Domestic Product Purchasing Power Parity (GDP PPP) measures the sum value of all the goods and services produced in an economy and is a common …show more content…
Australia’s government spent 9% of their GDP on the healthcare system in 2011. Bangladesh’s health system is mainly in the public sector, but only focuses on the basic health requirements, spending only 3.7% (2011) of GDP, quite a vast difference in comparison to Australia. In 2010, Australia spent 5.6% of GDP on education whereas Bangladesh only spent 2.2%. Bangladesh is spending money in order to develop their country, and the education expenditure is slowly rising. Australia also has a social welfare payment system, spending 8.5% (2010-11) of GDP, however Bangladesh has a very minimal system, with absolutely no benefits for the disabled or homeless, only an insignificant wage of US$3.85 quarterly for those over 65 years of age (very close to the Bangladesh life expectancy).
Australia and Bangladesh have more differences than similarities. Australia has a much higher GDP PPP per capita and has an improved quality of life and a better environmental sustainability, although Bangladesh is taking action to improve these factors and their economy is growing steadily. The Australian government intervenes at a much greater level and offers social welfare payments and healthcare which is minimal in
Economic Growth Rate is a quantitative measure of an economy’s increase in Gross Domestic Product (GDP) over time. Bangladesh’s real GDP growth rate was 5.8% in 2013, much higher than Australia’s growth rate of 2.5% in 2013. Gross Domestic Product Purchasing Power Parity (GDP PPP) measures the sum value of all the goods and services produced in an economy and is a common …show more content…
Australia’s government spent 9% of their GDP on the healthcare system in 2011. Bangladesh’s health system is mainly in the public sector, but only focuses on the basic health requirements, spending only 3.7% (2011) of GDP, quite a vast difference in comparison to Australia. In 2010, Australia spent 5.6% of GDP on education whereas Bangladesh only spent 2.2%. Bangladesh is spending money in order to develop their country, and the education expenditure is slowly rising. Australia also has a social welfare payment system, spending 8.5% (2010-11) of GDP, however Bangladesh has a very minimal system, with absolutely no benefits for the disabled or homeless, only an insignificant wage of US$3.85 quarterly for those over 65 years of age (very close to the Bangladesh life expectancy).
Australia and Bangladesh have more differences than similarities. Australia has a much higher GDP PPP per capita and has an improved quality of life and a better environmental sustainability, although Bangladesh is taking action to improve these factors and their economy is growing steadily. The Australian government intervenes at a much greater level and offers social welfare payments and healthcare which is minimal in