COMPARING GDP AND ECONOMIC GROWTH OF COUNTRIES IN THIS REGION WITH RELATIVELY SIMILAR POPULATION SIZE*
* Numbers from www.tradingeconomics.com
Attached snip of a spreadsheet compares Australia, Taiwan and Malaysia. These three countries are relatively similar in population size but their GDP, and GDP growth rate are very different because they are different types of economies at different stages of growth, impacted by different factors:
1. Australia: A mature economy, reliant on export of its natural resources and agricultural commodities. But still a force to be reckoned with. A GDP of US$1.4 trillion for a population of just 23 million- more than the GDP of Indonesia (population 250m. GDP US$889bn) Vietnam (popn 92m, GDP US$186bn) and Philippines (popn 102m GDP US$285bn)
2. Taiwan: Now a backwater because of China's rise? Its GDP of US$530bn is still larger than Malaysia's with an almost similar population size, but its growth rate is negative. But note that its jobless rate of 3.9% is lower than Australia's 5.7%.
3. Malaysia: Still growing more developed than Myanmar, Indonesia, Philippines etc. Has the lowest per capita GDP of about US$11,118. Probably has the most potential for growth if other economic, social and political matters are conducive.
4. Singapore:Placed here as a comparison. Second higher per capita next to Australia. But a vulnerable very open economy and current government economic restructuring efforts result in a the lowest growth rate among the four countries here. Also surprising is the high government debt/GDP ratio of 104%. But don't let that alarm you. Its not external debt. It is internal debt and I think its bonds issued to the Central Provident Fund (CPF) to use its money for investment. Please elaborate or correct me if I am wrong Mr Song Seng Wun .Thanks!
An additional snip shows the numbers for the other countries in ASEAN. Note the small size of Myanmar, Laos and Cambodia GDP. In theory Warren Buffet or Bill Gates are worth more than their GDP. But don't forget that all numbers here are in US$ at the prevailing official exchange rate and for these countries, that makes a big difference.
Plus: a chart of per capita GDP of the four countries.