Similarities Between Australia And Malaysia Essay

1056 Words Mar 15th, 2016 5 Pages
In contrasting the similarities and differences between Australia and Malaysia, it is important to study both economies through different aspects such as economic growth, quality of life, and employment and unemployment. These key areas will help support the point in which the similarities and differences between Australia and Malaysia are assessed.

Australia has continuous growth in the economy, the country had participated in constant development averaging 3.5 percent every year. It was continuous as Australia enhanced from an impressive growth of trade in the recent years from deriving from increasing global product expenditure. Australia has trade agreements with overseas countries such as Malaysia, New Zealand, Chile, Thailand, Singapore and the US. These agreements allow Australia to export goods, natural gas and food, for example, natural resources such as gold, copper, renewable energy resources and iron. The country has a gross domestic product (GDP) of 1454.68 billion USD due to 2014. When the global financial crisis (GFC) occurred in 2008-09, the GDP dropped from

As opposed to Malaysia’s economy, the country previously in the 1970s were producers of raw materials, now Malaysia is an emerging multi-sector economy. The NAJIB (prime minister) administration are trying to boost domestic demand and also want to decrease the economy’s reliance on exports such as electronics, palm oil and oil/gas. Since Malaysia is a oil or gas exporter, the economy has profited from…

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