Economic Growth:
Comparison of Australia, USA and India

Subject:
HI5003
Economics for Business

Submitted by:
Anju Kattel Panta OLI2392
Binu Pokhrel Neupane EMV2704
Harpreet Kaur PCC2409
Rachel Chomapoy BRI2029
Khadijah Iftaqar BSI2129
Shama Shrestha EMV2816
Wangyang Wei ANY2083

Date:
6 June, 2014
Introduction to Economic Growth
In this report, the economic growth of Australia, USA and India is discussed. Economic growth is key factor to economic development. People of the nation are benefited when national income grows. The is no any scientific method of formula to measure the economic growth whereas the data, charts and other information can be helpful for strategy-makers to understand the countries’ economic positions and design a framework to guide for an effort toward development. Data are the artefacts covering measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). They also have pointers representing elements known to be appropriate to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports (The World Bank, 2014).
GDP is considered to be one of the basic indicators that assess a country’s economy growth. According to The statistics Portal (2014) GDP is defined as market value goods and services produced by using the resources and capital of the country in provided span of time irrespective of nationality. Normally, it is calculated on an annual basis and includes all public and private consumption, government expenditure, investments, and net exports. The Gross Domestic Product is primary pointers in measuring a country’s standard of living. In addition, Real GDP is a key indicator to measure economic growth since it is a measurement that takes prices changes into consideration (The statistics Portal, 2014). Real shows