Essay on The Global Economy and the Stages of Recovery

The global economy and the stages of recovery: As is known, there has been a decline in global GPD growth rates during the last two years due to the global financial crisis which began in August 2007; it is considered one of the most serious crises experienced by the global economy since World War II. According to the latest update to the World Economic Outlook by the International Monetary Fund (January 26, 2010), global GDP growth fell from 5% p.a. in 2007 to 3.2% in 2008, dropping to -.08% by 2009. According to the report, the world economy has begun to expand again, and there have been improvements in financial conditions. It is a significant improvement, but it will still take time to return to where it was in the past.†¦show more content†¦As can be seen in the capital markets indexes, the indicators fell sharply throughout the world without exception. This decline led to a loss of confidence among investors. Currently, the capital markets passed their nadir in the beginning of 2009 and the market has started recovering from all-time lows. In addition, investor confidence has improved, while economies remain weak, although growth is expected. The majority have in fact returned to growth, albeit only showing a slight rise. Experts are split into two camps: the optimistic and the pessimistic, with some experts expecting a return of the recession while others anticipate recovery.(Revisiting the global crisis,2009) This table below shows the performance for some capital markets indices over the past three years according to CNBC: 2007 2008 Change (%) 2009 Change (%) DOW JONES INDU AVERAGE NDX 13,246.53 8,776.39 -33.75% 10,428.05 18.82% NASDAQ NMS COMPOSITE 2,652.28 1,577.05 -40.54% 2,269.15 43.89% SP 500 1,435.65 903.25 -37.08% 1,115.10 23.45% FTSE 100 6,456.90 4,434.17 -31.33% 5,412.88 22.07% DAX 8,067.32 4,810.20 -40.37% 5,957.43 23.85% CAC 40 5,614.08 3,217.97 -42.68% 3,936.33 22.32% HANG SENG INDEX 27,812.65 14,387.48 -48.27% 21,872.50 52.02% NIKKEI 225 15,307.78 8,859.56 -42.12% 10,546.44 19.04% SHANGHAI SE COMPOSITE INDEX 5,261.56 1,820.81 -65.39% 3,277.14 79.98% Saudi Arabia The Saudi economy in 2010: A great number of reports expect anShow MoreRelatedThe Four Stages Of The Business Cycle799 Words   |  4 PagesThe four stages of the business cycle are complex phases that our economy undergoes. 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Personal Statement Asb Adviser - 804 Words

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The Negative Impact of Pornography on Behavior Essay

Studies have shown that pornography has several significant effects on an individual. A study in 2000 conducted by Oddone-Paolucci, Genuis, and Violato revealed information on the correlation between pornography consumption and behaviour (Oddone-Paolucci et al., 2000). Out of 12,323 people, eighty-five percent of people were sampled from the U.S.A, eleven percent from Canada, and two studies were done in Europe (Oddone-Paolucci et al., 2000). Overall, the analysis of the results showed â€Å"a thirty-one percent increase in the risk of sexual deviancy, a twenty-two percent increase in the risk of sexual perpetration, a twenty percent increase in the risk of experiencing negative intimate relationships, and a thirty-one percent increase in the†¦show more content†¦Moreover, it is proven that repeated exposure to pornography especially deviant forms plays a huge role in shaping a male’s fantasies, outlook on life, and overall beliefs (Lalumiere et al., 2005). 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Economic Reforms In Australian Tourism Industry Free Sample Solution

Question: Describe about the Economic Reforms in Australian Tourism Industry. Answer: The tourism industry in Australia has been identified as one of the crucial component of the economy of the country. According to the data released by the Australian Bureau of Statistics (ABS), Australian Tourism industry has contributed 3 percent of the entire GDP of the Australian economy adding AU$47.5 billion in 2014-15 financial year. Moreover, the Australian Tourism industry has significantly contributed to the employment situation providing employment to 580,800 people that are 5 percent of the entire workforce of the country during 2014-15 (Abs.gov.au, 2016). In addition to that more than 7.4 million international as well as domestic visitors have contributed 8 percent of the export earnings in 2014-15 (Prideaux, Moscardo and Laws, 2016). The essay has been designed to discuss the microeconomics reforms in the Australian Tourism industry and the impact of the same on the economic prosperity. In the selected article, Young and Winter (2014) have discussed the national regulatory reforms targeted towards Australias tourism industry. Moreover, the article has provided a detailed argument on the current administration of the federal government in Australia to improve the standards of the tourism industry (Young and Winter, 2014). Through the identification of significant measures and legal remedies, a brief discussion on the reform agenda and the industry code of conduct have been scrutinised to investigate the self-regulatory approach of the tourism sector. Under the contemporary business scenario in the Australian tourism market, the federal government of Australia has to deal with significant issues and policies to operate smooth acceleration of the industry (Simmons, 2014). Through the identification of deliberate accreditation schemes, the government of Australia has aimed to remove burdensome licensing regimes so that the position of the travel and tourism business enterprises can be improved. Also, the federal government has wanted to make some reforms in the Competition and Consumer Act 2010 (Cth) (CCA) so that the protection for target demographics and international tourists has been increased to the highest standards (Airey and Ruhanen, 2014). Moreover, by promoting significant National Schemes in the Australian Tourism industry, the federal government can inject liquidity into the sector for further development (Young and Winter, 2014). The existing regime in the Australian tourism industry must promote significant advantages to the international as well as domestic visitors so that the consumers can show more interests in the Australian tourism industry. Along with that, the tourism industry reform requires amendments in the Travel Agents Legislations so that fair competition can be restored among the market competitors (Alonso and Northcote, 2010). In the given scenario, further discussion has been presented on the reform agenda for further argument perspective. The COAG commissioned a review of the protection measures in the tourism industry of Australia. The review was conducted by the Price Water House Coopers in the year 2010 (Standing and Vasudavan, 2010). It was found through the review that there is a need of reform in the tourism industry regulations of Australia. It will help to adopt necessary changes according to the National Tourism Accreditation Framework and Australian Consumer Law. A draft plan was published in the year 2012 after consulting with the public (Young and Winter, 2014). The recommendations in the Travel Industry Transition Plan include the new Travel Agents Legislations. The plan recommended increasing reliance on corporations law, oversight mechanism, industry specific remedies, and general consumer protection legislation (Fong, 2012). The plan introduced resolution schemes to protect the consumers right visiting Australia. Furthermore, the reformed agenda was formed to increase online and direct travel transactions that will promote tourism in the country. Along with that, the visitors were allowed with better safety measures after the incidents of racial discrimination in the country (Airey and Ruhanen, 2014). The Australian government introduced new initiatives to promote the national tourism over the online platform. New digital marketing tactics were used to promote Australia tourism business over the globe. Furthermore, the state and territorial government also introduced few reforms to promote tourism over the national and global platform. New reforms were made in the Travel Agents Repeal Bill in the year 2014 by the Victoria government (Young and Winter, 2014). Furthermore, reforms have been made by the Queensland government and New South Wales government to promote Tourism in the regions. The primary purposes of the economic reforms were to create transparency in the tourism industry. Furthermore, the reform aims to confidence among the investors and stakeholders. It will help the government to raise funds for the development of the tourist spots in the country. Furthermore, the reforms have been made to ensure compliance with the Australian Consumer Law. The reforms made for the tourist agents will help to provide a competitive marketing advantage to the market leaders in the Australian Tourism Industry (Young and Winter, 2014). The reforms will help to have flexible government regulations than the previous legislations. The reforms will help to have a better quality control and monitoring system within the tourism industry. The changes in the policies will provide a complaint handling system that can be accessed over the digital platform (Liu and Liu, 2009). The new complaints handling system is cost effective, user friendly and time saving. Hence, it can be seen th at the reforms were made by the government after conducting the review of the Australian Tourism industry (Dowling, 2008). These reforms are necessary to promote tourism in Australia and attract visitors from all across the globe. Recently, it can be seen that the necessary changes made in the government policies have helped the Australia Tourism sector to grow. People coming from the Asian countries to visit Australia have increased in the past few years. Hence, it is estimated that further economic reforms will be made to make Australia the first choice for international tourists. The identified improvements in the Australian tourism industry can motivate the market competitors to explore the opportunities in a fair way. Furthermore, the reforms will open up new dimensions as the regulatory measures will become more active. Invariably, these reforms can set high standards of services towards the international clients. Through the identification of the market risks, the regulatory measures can stop any chances of deception protecting the rights of the foreign visitors. Meanwhile, the affirmative reforms directed towards the Australian tourism industry can help to establish long-lasting relations with the international tourists. Undoubtedly, the reforms will strengthen the growth structure of the Australian tourism industry. References Abs.gov.au. (2016).Tourism and Transport - Australian Bureau of Statistics. [online] Available at: https://www.abs.gov.au/Tourism-and-Transport [Accessed Sep. 2016]. Airey, D. and Ruhanen, L. (2014). Tourism Policy-Making in Australia: A National and State Perspective.Tourism Planning Development, 11(2), pp.149-162. Alonso, A. and Northcote, J. (2010). The development of olive tourism in Western Australia: a case study of an emerging tourism industry.International Journal of Tourism Research, 12(6), pp.696-708. Dowling, R. (2008). Three Conferences in Western Australia: Wine, Geography of Tourism Ecotourism.Tourism Recreation Research, 23(2), pp.78-80. Fong, C. (2012). Government policy guidelines in Australia.Government Publications Review, 9(5), pp.401-406. Liu, A. and Liu, H. (2009). Government approaches to tourism: an international inquiry.International Journal of Tourism Policy, 2(3), p.221. Prideaux, B., Moscardo, G. and Laws, E. (2016).Managing tourism and hospitality services. Wallingford: CABI. Simmons, D. (2014).Inquiry into the impact of Australia's taxation regime on the tourism industry. [Canberra]: [The Committee]. Standing, C. and Vasudavan, T. (2010). The Impact of Internet on Travel Industry in Australia.Tourism Recreation Research, 25(3), pp.45-54. Young, T. and Winter, K. (2014).Risking international reputational damage to Australia's tourism industry: the potential fallout of national regulatory reform - Media, Telecoms, IT, Entertainment - Australia. [online] Mondaq.com. Available at: https://www.mondaq.com/australia/x/313628/Hotels+Hospitality/Risking+international+reputational+damage+to+Australias+tourism+industry+the+potential+fallout+of+national+regulatory+reform [Accessed Sep. 2016].