GDP - Economics Students Society of Australia

GDP

A collection of 11 posts

Golden Jubilee: Bangladesh’s Economic Success Story

Golden Jubilee: Bangladesh’s Economic Success Story

Bangladesh celebrated its 50th year after declaring its independence from Pakistan in 1971. The declaration led to a nine-month long war that had left countless people dead. The war had effectively decimated most of Bangladesh’s physical infrastructure and the economy was in peril with a negative GDP growth rate

Gross domestic happiness

Gross domestic happiness

In times like this it is not hard to see why economics has long been known as the dismal science. As the world grapples with the consequences of the pandemic, world leaders and economists are rummaging through their toolkit for appropriate solutions. However, as Australia and other countries attempt to

Revisiting Stiglitz, Sen, and Fitoussi: Coronavirus edition

Revisiting Stiglitz, Sen, and Fitoussi: Coronavirus edition

The coronavirus global pandemic is slated to have economic repercussions on par with the Great Depression. The last time the world was plunged into global economic chaos of this scale was the Global Financial Crisis (GFC). In 2008, in the lead-up to the GFC, France’s President Sarkozy asked celebrated

Never forget: ‘It’s the economy, stupid’

Never forget: ‘It’s the economy, stupid’

To state the obvious, Donald Trump is one of the most divisive and controversial Presidents in recent history. He currently has a disapproval rating of roughly 53% and an approval rating of only 41.3%.[1] Such poor ratings could lead a hopeful Democrat to conclude that he cannot win

Unemployment v Fiscal Instability: Which is the greater threat?

Unemployment v Fiscal Instability: Which is the greater threat?

In the immediate aftermath of the Global Financial Crisis in 2008-09, the main concern for most policy makers was ensuring people were employed. The unemployment rate rose from as low as 4% to almost 6% quite rapidly. After both the government and the RBA took various stimulus measures, this panic

Revisiting Gross Domestic Product

economic growth

Revisiting Gross Domestic Product

Gross domestic product (GDP) has long been considered the premiere macroeconomic indicator. As a measure of domestic productivity, it is uniquely adept at pointing towards economic growth and wellbeing. It is also intertwined with other important employment factors; output, unemployment, interest rates and, inflation. Hence it’s no wonder that

Measuring global poverty

Measuring global poverty

The United Nations and the World Bank define those living in extreme poverty as those living on less than $US1.25 per day. On a global scale, aggregating all possible measures of poverty into a single quantitative measure brings with it objectivity and consistency. But on a fundamental level, it

The effect of omitting unpaid work from national accounts

The effect of omitting unpaid work from national accounts

Home is where the heart is. Most homemakers would also agree that home is where the work is. Traditionally the role of homemaker has been performed by women and is unpaid work. According to the Australian Bureau of Statistics the difference between paid and unpaid work is that the former

Capitalism in Crisis: Income Inequality in the US

Capitalism in Crisis: Income Inequality in the US

It is now 5 years into the US recovery after the severe recession of 2008-9, unemployment has fallen to 6.7% and quarterly GDP growth remains between 1-2%. At first glance the recovery finally appears to be picking up momentum, with stronger then expected growth in the last half of

Chinese GDP and growth: What's in a number?

Chinese GDP and growth: What's in a number?

Recently China’s president Xi Jinping was quoted in saying that China’s GDP growth will be subdued in the foreseeable future, relative to the rapid growth in the past decade. China’s official newspaper Xinhua has put the internal target at 7.5% p.a. for 2013 from a

Debunking of Iceland’s Economic Recovery

Debunking of Iceland’s Economic Recovery

If we remember back to the days of the global financial crisis, one of the earliest and hardest hit countries in the European area was Iceland. Iceland was also the only country which made the fateful decision to not bailout the three largest banks in their country. This was not