Economic Report Essay

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Australia/ Brazil
Similarities and difference
Economic Growth

* The GDP growth rate trends of these two countries over the past 17 years have been very similar. This is showed by the mean line on both of these graphs being very similar at around 0.7% GDP growth. Although the mean is similar the trend line speaks differently. Over the past 20 years Australia’s GDP growth rate has been at a steady decline where Brazil’s GDP growth rate has been at a steady increase.

* Over the last 5 years Brazil’s has gone through extreme change. In the first quarter of 2009 Brazil slipped into a recession as a result of the global financial crisis in 2007. Brazil then managed to bounce back from this marking a 1.3% increase in GDP growth in the seconded quarter of 2009 followed by a 7.3% increase in GDP growth in the first quarter of 2010. Australia although foreign liabilities accounted for a substantial amount(60%) of the nation's GDP managed to stay out of recession following the GFC but did suffer some substantial drops in growth in 2008. This achievement of Australia opposed to Brazil is more strongly represented with the trend lines of the two with Australia suffering slight decreases in trends but Brazil suffered much larger decreases.

* Based on the nominal GDP data in 2012 Brazil is estimated to be the 7th largest economy in the world with a GDP of 2,425 billion $US behind the US, China, Japan, Germany, France and the UK. Australia on the other hand is

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