growth

National | World | Economic History | Pop Eco | Interactive Articles

The end of good times? The mining boom re-examined

This article is one of two Q&A specials informing the reader on a topic of economic importance to Australia that was discussed by the panel on the night.

In the past few years Australia has experienced one of the longest and largest increases in the value of the mining sector, seeing it grow to account for approximately 52% of all exports produced by Australia and worth $164 Billion a year[1]. Similarly, mining related investments in Australia now comprise some 40% of all investments undertaken, up from 10% before the boom and accounting for $80 billion a year — more than any other country in the developed world.

Read more

Inspiration vs. perspiration: what was the key to East Asia’s economic success?

Paul Krugman wrote a famous paper in the 1990s outlining the myths surrounding the Asian miracle of the 20th century. Rather than it being a ‘miracle’, he presented a less dazzling critique of Asia’s economic success. He proposed that it was a combination of stringent government policy and the further adoption of free trade that was key to sustaining economic growth in East Asia. Most of this growth occurred in eight economies, collectively referred to as the High Performing Asian Economies (HPAEs) – Japan, Hong Kong, the Republic of Korea, Singapore, Taiwan, and the newly industrializing Indonesia, Malaysia, and Thailand [1]. The relationship between public policy and economic growth is now more important than ever, and in light of the continuing economic crisis in Europe, there are a number of lessons to be learnt from the success of the HPAEs.

Read more

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 7.8% p.a. actual figure achieved in 2012, and many are undoubtedly aware that this is a 13-year record low. Exactly how much has the world’s second largest economy grown by and how has China done it?

Read more