A study done by the World Bank has shown that the GDP increase to the US and Australia will be just about nothing. In fact on a yearly basis the effect to the GDP will be so small as to be un-noticable at .05% of GDP.
Not exactly the grand rhetoric we've all been getting about the wonderful benefits of a trade agreement like this. So how much are the corporations getting out of it then?
It's an Australian article so the US is hardly mentioned, but it's worth noting that the Trans Pacific Partnership will have an even lesser effect on their GDP.
What are we giving away for this piece of rubbish then? Assuming the senate passes it of course.
Australia stands to gain almost nothing from the mega trade deal sealed with 11 other nations including United States, Japan, and Singapore, the first comprehensive economic analysis finds.*Update: the gov says the World Bank is "scaremongering", before launching into more grand rhetoric about trade and how wonderful the TPP will be for us all :s
Prepared by staff from the World Bank, the study says the so-called Trans-Pacific Partnership would boost Australia's economy by just 0.7 per cent by the year 2030. The annual boost to growth would be less than one half of one 10th of 1 per cent.
Other members of the TPP stand to benefit much more, according to the analysis. Vietnam's economy would be 10 per cent bigger by 2030, Malaysia's 8 per cent bigger, New Zealand's 3 per cent bigger, and Singapore's 3 per cent bigger.
The study explains that highly developed nations such as Australia are either relatively reliant on things other than trade for economic growth or are already fairly free of trade restrictions.
Australia and the United States benefit the least from the Trans-Pacific Partnership. The study says it would boost the US economy by only 0.4 per cent by 2030. Canberra Times
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