stats and examples Flashcards
trade with asia
65% of two-way trade is with asia and our top partners are China, Japan and Korea
export trend over last decade
our exports have nearly doubled with our key exports being coal, iron ore, education and minerals
trade flow increase for emerging economies
increased from 7% to 19% between 1995 and 2015
trade in g/s as a share of GDP - global
o Between 1990 and 2018, trade in goods and services as a share of global output increased from 38.5% to 50%
gfc on global financial markets
Total activity on global capital markets fell by approximately US $1000 billion between 2008 and 2009 due to the GFC
forex turnover
daily turnover increased from $4 trillion in 2010 to $6.6 trillion
change in foreign investment
Easing capital controls and increasing financial deregulation has caused FDI to increase by 6x between 1995 and 2015
impact of 5g
The introduction of 5G networks is set to increase global GDP as it facilitates faster mobile connectivity and drives gains in productivity and efficiency
migration
According to the World Bank, 3% of the global population have migrated to work in different countries
general trend for world output and growth
Between 2004 and 2020, the general trend is for world output and trade to grow by about 4% annually in real terms over time
g7 impact on aus economy
Research by the RBA shows that 63% of changes in output in Australia have been due to changes in interest rate growth levels and inflation in G7 countries.
wto examples
o Trade Facilitation Act (2017) aims to improve the efficiency, effectiveness and fairness of agencies that oversee trade. Estimated economic benefit of between $68 billion and $1 trillion
o The Doha Round aimed to reduce agricultural subsidies employed by advanced economies to grant emerging economies greater global market access
imf examples
o After the GFC, the IMF injected US $250 billion into the global economy to promote liquidity, and suspended interest repayments on loans to help developing economies
world bank examples
o World Bank’s major goals include reducing the rate of extreme poverty to less than 30% by 2030 and reducing inequality by fostering income growth for the world’s bottom 40%
un examples
o Paris Climate Agreement was signed at the UN Climate Change Conference. Agreement to limit the increase of global temperatures to 2 degrees this century, preferably limited to 1.5. 191 parties have joined the Agreement
o Sustainable Development Goals include: decent work and economic growth; reduced inequalities; gender equality; quality education
oecd example
o In 2018, they released an OECD Pensions Outlook, which examines how pension systems are adapting to improve retirement outcomes
eu data
o EU accounts for 17% of the world market of exports
o For non-members, there are high rates of protection for agricultural goods. In 2016, the EU’s Common Agricultural Policy subsidies absorbed 38% of its budget
apec data
o APEC has a target of ‘free trade’ by 2020 under the Bogor Declaration
o Tariff levels within countries dropped from 20% to 13% between 1994 and 2018
nafta data
o Consumers have benefitted from lower prices, and US corporations have benefitted from lower costs.
o NAFTA accounts for 13% of global merchandise trade.
in 2020, NAFTA was replaced by USMCA
USMCA data
o The International Trade Commission found that, over the next six years, the agreement will increase GDP by 0.35% and increase jobs by 176,000
asean data
o Australia and NZ joined in 2010 through the ASEAN-Australia-New Zealand Free Trade Area, with ASEAN nations committing to eliminate tariffs on 96% of Australian exports to the region.
china tariffs
o Last year, China added anti-dumping tariff of up to 212% on Australian wine.
aus tariff levels
o In 2018, Australia’s tariff rates were at a record low of 2.23%
local content rules example
o 55% of content broadcast on Australian free-to-air television must be produced in Australia
emdg
o Austrade’s Export Market Development Grants (EMDG) reimburses up to 50% of eligible export promotion expenses above $5000 provided that the total expenses >$15,000
aus tariff trend
• Tariffs have decreased from 25% in 1980 to around 1.7% today
aus HDI + ranking
Australia is ranked 6th in the World for HDI with a HDI of 0.94.
wealth distribution
The Richest 1% own 44% of the world’s wealth - up from around 30% through the 1980s. The number of billionaires it took to equal the wealth of the world’s poorest 50% fell from 380 in 2009 to 26 in 2019.
income inequality
o According to the IMF, income inequality has increased by 0.45% per year over the past three decades
apple exploitation
In 2019, Apple was accused of labour violations in China. Apple denies most allegations but acknowledged that they exceeded the number of contract workers allowed by Chinese Law and agreed to compensate workers
global energy use
A report by the OECD predicts that by 2050, the world economy will be four times bigger than it is today and will use 80% more energy.
financial contagion - GFC
Advanced economies contracted by 3.4% and the world economy experienced a recession
shenzhen growth
Between 1981 and 1993, Shenzhen maintained an average annual growth rate of 40%.
china export volumes before and after
Prior to the implementation of the Open Door Policy, China was ranked 32nd in the world in terms of export volume. By 1989, it had reached the 13th rank.
china tariff levels
. Between 2001 and 2010, China’s average tariff rate fell from 14.1% to 3.7%.
china exports 2000s
Over that decade, GDP nearly doubled, exports increased by 590% and imports increased by 570%.
china net exports as a share of GDP
Between 2002 and 2007, net exports as a share of GDP rose from 2.1% to 7.7%.