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Unemployment Rate: the unemployment rate is defined as the percentage of individuals that are not willing or are not able to participate in paid work for a variety of reasons. This is calculated using a method where the number of unemployed individuals is divided by the number of people in the labor force. This percentage is used to compare the levels of employment in different countries to calculate living standards.
GDP: The GDP is known as the Gross Domestic Product and is a measurement regarding a country’s market value. It is the total amount of goods created and services provided in a certain time period but is usually calculated annually. The GDP is measured using a variety of components related to a specific country. These components may include Government spending, Consumption expenditure, and Business Investment. Imports and Exports also contribute to GDP as Imports lower the value and Exports improve and increase the value of a country’s Gross Domestic Product. Inflation Rate: The inflation rate is defined as the rate by which prices at a general level rise or devaluate over a yearly period in an economy. The inflation rate can be measured in many different ways but is most commonly tracked through the Consumer Price Index. This index measures the dramatic changes in the prices of certain goods or services over a variety of different areas of consumption.
Human Development Index: the Human Development Index (HDI) is a tool used to measure the living standards of a particular country or area based on their development and economic growth. A country’s HDI can be measured using a variety of different statistics such as; Life expectancy, Inflation rate, and Gross domestic product. HDI doesn’t include statistics involving poverty or inequalities of a country but is used for an overview of a country’s development.
Data Collection and Analysis
Australia: Trends in Australia’s GDP over the past 10 years
According to The Trading Economies website, Australia’s Gross Domestic Product has changed significantly over the past ten years in many ways as well as reaching new national records in overall GDP. Australia’s GDP contributes 2.31 percent to the world’s overall economy and is ranked the 14th highest country is related to market value. Australia reached an all-time high in GDP in 2013 when it increased to over 1.5 trillion USD. Australia averaged an annual increase of 3.3% in GDP recorded from 1960 to the present date. Australia’s overall GDP since 2009 has recorded many periods of fluctuation, especially towards the end of 2012 and the start of 2016 with a significant decrease of 366.2 Billion USD. This dramatic drop in GDP was mainly influenced by the cuts in spending by consumers, businesses, and the government. This nearly leads to the first technical recession in Australia since the early 1990s. Although since 2016, Australia’s Gross Domestic Product has been slowly increasing back to a stable rate. In January 2019 Australia experienced its weakest growth rate of 1.8% since the Global Financial Crisis that occurred in 2008. This was a result of the drop in many major contributors to GDP such as; Retail sales which dropped -by 0.1%, construction work which dropped -by 1.9%, and business investments which dropped -by 1.7%.
Germany: Trends in Germany’s GDP over the past 10 years
According to the Trading Economies website, Germany’s GDP has also changed rapidly in the last 10 years. Germany’s GDP value calculates to represent 6.45 percent of the total world economy and ranks them the 14th highest country in relation to market value. Germany recorded it highest GDP very recently in 2018 with a value of 3996.76 Billion USD. Germany’s average GDP growth rate is 2% when calculated from 1971 to 2019. This percentage dropped to a record low from previous years when it plummeted -6.8% in 2009. This enormous decrease in GDP was the result of Germany’s worst recession since the Second World War. Germany who is a country dependent on exports was deeply affected by the collapse of the large investment company Lehman Brothers in late 2008. This collapse caused Germany’s unemployment rate in 2009 increased and an extra 155,000 more people than the previous year were left without jobs. Germany’s economy is on the rise after a surge in household spending, a significant rise in export, and a pick-up in construction activity. This is great for Germany as they were able to recover from the huge drop in GDP that occurred in 2015.
Australia:
The unemployment Rate in Australia was calculated at 5.2% in June 2019. This places Australia far behind in regards to the unemployment rate as our numbers are significantly greater than countries such as the United States of America or the United Kingdom. In June the number of unemployed individuals increased by 6,600 people as overall employment only rose by 500. Australia’s unemployment is rate could be described as a high to moderate percentage, but for a country with such high living standards, these percentages are not up to par and should be significantly reduced.
The inflation Rate in Australia rose to 1.6% in June of 2019. This sudden lift from previous months was due to an increase in prices in food and petrol showed its highest rise since September 2014, As well as minor increases in housing, clothing, medical and travel. The inflation rate was predicted to be much lower and was a shock to the economy when the prices skyrocketed. Australia has a moderately low inflation rate which is good as it encourages consumers to purchase goods and services. A low inflation rate indicates that an economy is stable and in a good economic state.
Australia’s Human Development Index is 0.939 which ranks it 3rd in the world in regard to living standards. This is a very high ranking and is because of many factors that contribute to good living standards. Australia’s life expectancy is 83.1, its expected years of schooling is 22.9 and its Gross National Income per capita is valued at $43,560 USD. These factors are all high above the average statistics which places Australia as a very developed country in terms of living standards.
Germany:
The unemployment rate in Germany was recorded at 3.1% in June 2019. This places Germany in a great position in regards to the unemployment rate as only a small portion of their population is unwilling or unable to work. Their percentage is much lower than in countries such as the United Kingdom and the United States of America. Unemployment in Germany dropped 1.5% whilst the employment rate grew by 0.1%. This is the lowest that Germany’s Unemployment rate has been since their reunification in 1990, and this value will continue to diminish if Germany increases the amounts of jobs in their economy.
The inflation rate in Germany was calculated at 1.7% in July 2019 which was a rise from previous months and higher than the expected rate. This rate is lower than Germany’s average inflation rate from 1950 to 2019 which was 2.37%, but these rates are predicted to increase as the prices of necessities such as food and electricity are expected to rise by over 2% each. Germany has a moderately low inflation rate which is good as it encourages consumers to purchase goods and services.
Germany’s Human Development Index is 0.936 which ranks it 5th in the world in regard to living standards. This is a high ranking as it places them high above many other economically advanced countries. Germany’s life expectancy is 81.2, Expected years of schooling are 17, and Gross National Income per capita is valued at $46,136 USD. These statistics are all high above the average value for each of their criteria and are the reason why Germany is ranked highly on the Human Development Index.
Spatial Inequality
Australia:
Internal Factors:
Population Growth – Australia’s annual population growth is 1.6% which is much higher than countries such as the United States of America and Canada. This growth in population causes a demand for more resources such as education, healthcare, infrastructure, and basic necessities to satisfy the needs of Australia’s growing amounts of people. Australia’s large population growth is also a barrier for development.
Environmental degradation – Since the European settlement in 1788, 13% of Australia’s original vegetation has been destroyed or removed because of clearing activities for agricultural land. Overgrazing has been the main contributor to the depletion of Australia’s vegetation.
External Factors: N/A
- Does everyone in Australia enjoy a high level of well-being?
Overall Australia ranks very highly in relation to its people’s well-being. It is above average in areas such as income, wealth, housing, education, and personal security as well as many others. According to the OECD Better Life Index, 81% of adults aged 21-64 had completed upper secondary education, and 73% of people aged 15-64 have a paid job. These statistics are important as these factors are vital for a country and its people to have high levels of well-being.
Germany:
Internal Factors:
Population Growth – Germany has a very low annual population growth percentage of only 0.4% which is much lower than countries such as Australia and the United States. This means that Germany doesn’t have to change the amount that it provides to its people as much per year. This is good as the government won’t need to worry about a sudden increase in the demand for goods and services because their population is growing slowly.
External Factors:
Legacy Of History – After WWII, Germany was in ruins and needed to rebuild into the great country they are today. But to do that they needed to endure grueling years of poverty and shortages. But by 1989 Germany reunited and became the 3rd biggest economy in terms of GDP.
Does everyone in Germany enjoy a high level of well-being?
Compared to other countries, Germany records well across many dimensions of well-being. It is above average in areas such as income, wealth, housing, education, and personal security as well as many others. According to the OECD Better Life Index, about 75% of people aged 15 to 64 in Germany have a paid job and 87% of adults aged 25-64 have completed upper secondary education. These statistics are important as they outline the opportunities Germany’s people have of succeeding in their life and suggest their overall well-being is stable.
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