Australia And Bangladesh 's Economic Growth Essay

1098 Words Jul 25th, 2015 5 Pages
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 statistic used to compare the size of different economies. Australia’s GDP PPP in 2013 was $998.3 billion; triple the GDP PPP of Bangladesh which was $324.6 billion in 2013. This shows that the Australian economy is much larger in comparison to Bangladesh. Bangladesh has one of the lowest GDP PPP per capita ($2,100), ranking 194th in the world, whereas Australia ranks much higher at 19th with GDP PPP $43,000 per capita.
Quality of life in a nation is measured using several factors, including GDP, literacy rate and life expectancy. These factors are essential in determining a country’s Human Development Index (HDI), a value which indicates the standard of development of a nation, socially and economically. Australia is positioned 2nd…

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