Sample Solution

he weakest rate of expansion seen since the third quarter of 2016, due mainly to a piercing slowdown in private consumption and a pull-back in non-residential construction. However, like China’s economy, government spending went up 0.5% and consumer spending by 0.3% in the third quarter of 2018, supported by national government spending (1.9%) while local government and state government consumption dropped (-0.5%). The slight increase was driven by increases in insurance and other financial services (1.6%), transport services (1.8%) and food (0.8%), while there were falls in consumption of operation of vehicles (-1%), other goods and services (-0.7%) and the purchase of vehicles (-1.3%). Furthermore, total inventories have increased AUD$47 million in the third quarter of 2018. To conclude, Australia’s economy, as seen in the stimulus, has also consistently experienced a rate of GDP growth that is steady with the average growth rate slightly decreasing over the past 5 years.

China’s rapid rate of economic growth has led to a high level of resource use and environmental degradation, therefore experiencing severe environmental problems. The Chinese government has therefore commissioned the OECD to conduct a study of the environment in 2007. The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 36 member countries, founded in 1961 to stimulate economic progress and world trade. This report discovered that by 2020, uncontrolled pollution would cause an approximate 600,000 premature deaths in urban areas, 20 million cases of respiratory illness per year and up to 7% of China’s annual GDP being lost due to pollution. If stronger environmental laws are not implemented, there is also a possibility for this number to rise to 13%. Furthermore, although the high-income OECD countries account for 40%