Australia's Economy Advantages

218 Words1 Pages
For a country to develop higher GDP like Singapore, they invest on inexpensive labours to help the country increase the GDP of the country. Domestic and foreign investments are taken into considerations as this is an advantage for the economy. Technology have also helped the economy by creating more products with mass labour production and providing more work for the people in the country. The openness to trade business and holding of financial wealth reduces the inflation volatility (Barrell and Gottschalk, 2004). Singapore however, does not have natural resources as compared to Australia. Australia’s GDP per capita at 2008 is at USD 49,650.42 (World Bank, 2008). Australia has its advantage as they have natural resources such as Iron ore and