Examine the Similarities and Differences Between Australia and an Asian Economy You Have Studied.

Examine the similarities and differences between Australia and an Asian economy you have studied.
Australia and China have multiple similarities and differences when it comes to their economies, in relation to environmental sustainability and economic growth. Economic growth occurs when there is a sustained increase in a country’s productive capacity over time. This is commonly measured by the percentage increase in real gross domestic product. Environmental sustainability involves conserving and enhancing the countries resources, so that ecological processes and quality of life are maintained and improved. Recent trends show that environmental sustainability has become a vitally important part of modern economies, it’s a crucial part of economic decision making in many countries regardless of whether development is compatible with the natural environment.
Australia is home to 22 million people and has a national output ranked just outside the world’s top fifteen, this confirms Australia’s status as a relatively small economy. However within the Asian economic region, the Australian economy is certainly more significant and is ranked as the fourth largest economy. China has the world’s largest economy in terms of Gross Domestic product (GDP) in Asia and the second largest in the world, with a rate of $5,745 US billion. Australia lies with $1, 219 US billion.
Recent decades have revealed a third major phase of economic development throughout Asia. Developing Asian economies under which the IMF, which includes China, Indonesia and India have experienced rapid growth and have an average annual economic growth of approximately 7.5% over the decades, it’s suggested that this significant increase is due to the process of economic development within these regions, particularly China and this period of industrialization have displayed a rise in economic growth, although once industrialization is complete – the rate of economic growth will slow down.
This contrasts...