Detailed statistics summary Essay

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Pages: 8
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Topic 1 detailed statistics
Global economy
Global economic growth rate
Recent - 2013 3.0% (Jan 2014, IMF)
Forecast - 2014 3.7% (Jan 2014, IMF)
GFC - 2009 –0.6%
Average 2003-2008 5%
Advanced economies growth rate
Forecast 2013 1.3% (Jan 2014, IMF)
Forecast 2014 2.2% (Jan 2014, IMF)
GFC – 2009 –3.2%
Trade
World trade is 50 times its 1950 level (2011)
GFC caused a 2% fall in world trade
Financial flows
More than 95% of foreign exchange transactions are estimated to be for speculation
Investment & TNCs
TNCs are believed to account for 10% of GWP
FDI flows have risen by almost 100 times since 1970 despite falling since GFC (2010 $1.2tr 2970 $13b)
Technology
ICT trade is estimated to be worth $4tr (2011)
Global labour markets
However 3% of world’s population have migrated to work (World Bank, 2010)
60% of these to advanced economies
International division of labour
Whilst the iphone is assembled in China (3.6% of production costs) and only 6% of production costs are incurred in USA, Japan contributes 34%.

GNI per capita PPP (World Bank 2012)
Australia US$43,000 (Rank 11)
China US$9,000 (Rank 92)
Congo DR US$370 (Rank 180)

Millenium Development Goals
The global poverty rate at $1.25 a day fell in 2010 to less than half the 1990 rate.
700 million fewer people lived in conditions of extreme poverty in 2010 than in 1990.
However, at the global level 1.2 billion people are still living in extreme poverty.
Most of improvement is from China

HDI (World Bank 2012)
Australia 0.938 (Rank 2, 2012)
China 0.699 (Rank 101)
Congo DR 0.304 (Rank 186)

China
Economic growth
Recent - 2013 7.7% (Jan 2014, IMF)
Forecast - 2013 7.5% (Jan 2014, IMF)
GFC - 2009 7%
Fiscal stimulus resulted in recovery from GFC with 9–12% growth
Ave. real GDP growth almost 11.6% for 3 decades (1990-2010_
Components of economic growth
C: high household savings rate (38%) and low consumption (35%)
I: FDI US$185.1b (2010) from US$3.5b (1990), $0 (1978)
I: Investment 48% of GDP (2010) from 26% (1990)
X: Trade 30% of GDP (2010) from 10% (1978)
X/I: TNCs 54% of total exports
X: 65% of growth in exports is from Western countries
M: Average tariff rate 10% (2010) from 32% (1990)
G: SOEs 29% of GDP (2002) from 50% (1990)
AS: Agriculture 10% of GDP (2010) from 27% (1990)
AS: Increase in agricultural output 61% 1974 to 1984
AS: Labour productivity growth 8.8%pa (2008-2010)

HDI
HDI 0.404 (1980) to 0.699 (2012)
GNI per capita growth 8% for three decades (1990-2010)
Life expectancy 73.5 (2011) from 67 (1980)
Schooling 7.5yrs (2011) from 3.7yrs (1980)
Healthcare spending approx 3% of GDP (Aus 6%)
Education spending approx 2.5% of GDP (Aus 4.7%)
Absolute poverty 60% (1990) to 13% (2008)
Working poor 10% (2011) from approx 30% (2000)
Inequality
10% increase since 1990
Gini coefficient 0.474 (2012)
Unofficial estimates as high as 0.6
Environment
China accounts for 23.5% of global CO2 emissions (Aus 1.3%)
Emissions 7.2t/per capita (Aus 16t/per capita)
Total cost to of environmental damage 8.9% of GDP
Health costs of air and water pollution 4.3% of GDP
Challenges
IMF estimates 10 fold increase in GDP if State Owned Enterprises privatised and exposed to competition
State owned banks dominate (98% of banks are SOEs) and 75% of lending is to SOEs
High household savings rate (38%) and low consumption (35%) compared to advanced economies (Aus/USA 70%)

Topic 2 detailed statistics
Trade direction and composition
Change in direction of exports
Europe 1950s 62% of exports
Asia 2012 almost 80% of exports
Australia’s exports to China
Current 25% of total exports (2012, DFAT)
Historical (1984) 3.6%
Australia’s imports from China
Current 15% of total imports (2012, DFAT)
Historical (1984) 1.3%
Mining exports
Current 65% of total exports (2012, DFAT)
Historical (1981) 29%
Agricultural exports
Current 11% of total exports (2012, DFAT)
Historical (1981) 38%
Services exports (tourism & education)
Current 17%
Historical (1981) 17%
Manufacturing imports
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