Comparing the Economic Power of India and Australia

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Recommended: Macroeconomics review

Studying economics of any county can be very enlightening. Macroeconomics, which studies the economy as a whole, (Boyes & Melvin, 2012) can give insight on any country’s economic performance. The use of economic indicators such as Growth Domestic Product (GDP), GDP Per capita, GDP spent on military, and the population growth rate can be effective when analyzing the overall well-being of countries such as Australia and India.
The information from the economic indicators is also useful in contrasting specific areas of interest between countries. For example, the life expectancy at birth for Australia increased at an average of one month per year from 81.3 in 2007 to 81.8 in 2011 and the United States (U.S.) increased about 2 months per year from 77.8 in 2007 to 78.6. In addition, in India the life expectancy increased at an average of 3.2 months per year from 64.8 in 2007 to 66.0 in 2011 (Worldbank.org, 2014).
These results can imply that the slow increase in life expectancy may have a negative effect on economic growth. In comparing the GDP per capita of the same countries, Australia $67,555.8 in 2012, India $1,489.2 and U.S. is $51,748.6. (Worldbank.org) The GDP per capita results implies that Australia is the wealthiest of the three countries. However, GDP would suggest otherwise. Australia is $1.532 trillion in 2012, India is $1.842 trillion in 2012, and U.S. is $16.244 trillion in 2012, this would suggest that the U.S. is the wealthiest. However, using the GDP per capita may provide a more accurate picture because it takes the GDP and divides it by the population to show the prosperity of the country. (Amadeo, 2014)
Australia was considered “the happiest industrialized country in 2013” by the OECD Better Life Index whic...

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...B. (2005). The competitive advantage of india. (Master's thesis)Retrieved from http://csi.gsb.stanford.edu/the-competitive-advantage-of_india
Rupee's journey since indendence: Down by 65 times against dollar. (2013). The Economic Times. Retrieved from http://articles.economictimes.indiatimes.com/2013-08-24/news/41444029_1_indian-rupee-american-currency-continued-dollar-demand
The World Bank: Data Bank. (2014). Explore . Create . Share. Retrieved January 26, 2014 from http://databank.worldbank.org/data/views/reports/tableview.aspx
The World Fact Book (2014) Central Intelligence Agency. Retrieved January 27, 2014 from: https://www.cia.gov/library/publications/the-world-factbook/geos/in.html
Wall Street Journal (2013). Australia Tops 'Better Life' List. Retrieved February 9, 2014, from http://online.wsj.com/news/articles/SB10001424127887323855804578508554126690568

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