The Australian economy is widely regarded as an influential force in the market; in fact, with a GPD of $1.488 trillion (US) as of 2013,1 it is the 12th largest in the world. Australia currently operates as an open, export-oriented, free market economy, a significant contributor to its 2nd place title in the top 10 highly developed nations, with a HDI of 0.938.2 Singapore's economy follows not so far behind, with a GDP of $287.4 billion (US), listed 35th in the world. Similarly, Singapore also operates as an open, export-oriented, free market economy and has a HDI of 0.895, ranked 18th in the world. Despite to their geographical proximity, Australian and Singaporean economies have a number of similarities, although its differences are not to be overlooked. The following report aims to outline the respective countries' economic structure, growth, and levels of employment and unemployment and the governmental influence.
Economy Structures.
Singapore has embraced the idea of free-market capitalism and is heavily engaged in the global marketplace. It holds a freedom score of 89.4, making its economy the 2nd freest in the 2014 index; high levels of trade freedom underpins Singapore's competitiveness in the global market and encourages economic growth. Its economic structure allows for the private participation in the fields of production and distribution in a competitive environment with the aims of attaining with limited government. Australia's economy also allows this; however, Australia's economy cannot be defined as ultimately planned (socialist) or ultimately market (capitalist); it shows attributes of both, deeming it a mixed economy. Australia's economy holds familiarity to socialist features whereby it includes public ownership in production and distribution for maximizing social welfare. Government intervention is endorsed to maintain and regulate industrial relations, and provide subsidies and social service benefits.
