Collecteconomic data for three countries: Australia, China and Greece.The data is toobtainedfrom official sources as time series forthe key macroeconomic variables. These arereal GDP, real GDP per capita, annual real GDP growth, the unemployment rate, the interest rate, andtheinflation rate. For Australia and Greece,also collect data series for government expenditure and taxes. The data are to be inannual format for the years starting from 1999-2000 up to and including 2010-2011 (or the most recent available).
1. Present the data above in tables for each variable. Present in charts the data for real GDP, real GDP per capita, annual real GDP growth, the unemployment rate, the interest rate andthe inflation rate, witheach variable in a separate chart. Show one variable across the three countries in the same chart wherever possible. Calculate the annual real interest rateand similarly present it in a chart including the three countries. Also in one chart for each of Australia and Greece, present its government expenditure, taxes and GDP. The charts must be correctly titled, labelled and sourced.
2. Compare the variables in the charts for each country and comment about similarities and differences in the level and movement of the variables amongst the threecountries. Include a description of the budgetary positions forAustralia and Greece over the period.
3. Based on the data you have presented, discuss how the GFC has influenced the economy for each country over the period.Discuss why the effects on each country may differ.
4. Make use of AE diagrams to analyse and contrast the macroeconomic behaviour of Greece and Australia. Discuss possible reasons for the differences.