Similarities And Differences Between Australia And Bangladesh
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