Australia seems to be altogether from a different planet. While the entire world has faced recession at one time or the other, and the rise and progress of the different BIG global economies has been punctured by economic meltdowns several times, Australia has remained untouched and continued its amazing success story and inspiring performances. Yes, it is true! Check this blog to find out more on the issue!
As per the latest National Accounts numbers made available by the Australian Bureau of Statistics (ABS), the nation’s economy improved a solid 1.1% in the fourth quarter (Q4), in the process, improving the country’s yearly economic growth to 2.5% in the year gone by.
For those not tuned in, the ABS is the statistical organization of the nation. It offers important data on numerous economic, environmental, population, and social subjects, to help and inspire knowledgeable decision making, study and dialogue inside governments and the public.
Coming back to the newest result from the ABS, allegedly, it is an encouraging signal that the Australian economy has upheld the solid thrust that has by this time delivered the nation 26 years of continuous economic progress even as Australia presently holds the feat for the longest duration of recession-free progress and development for a developed nation.
Australia is the lone nation from the group of the developed nations with a period of nonstop economic progress that long, based on the familiar description that a slump necessitates two successive quarters of harmful economic growth.
To put it differently, every other 34 member nations from the Organization for Economic Co-operation and Development (OECD) have faced not less than one period of two uninterrupted quarters of bad GDP growth since 1991, with several global economies being subjected to two incidents of negative growth through that time-frame.
The time-frame since 1991 is the lengthiest time of growth that the Australia has registered for at least the previous 5 decades, and has seen the economy record an average growth rate of 3.2% every year. The next longest period through which year-end growth continued to be encouraging was for about a decade from 1962 to 1971. Allegedly, during the 1970s and 1980s, the Australian growth phases continued for just seven or eight years, prior to a new downturn surfaced.
Taken on a quarter-to-quarter ground, the December 2016 national accounts number signified the 98th positive growth rate since the economy started to get better in Q3 1991, in the wake of the two successive adverse growth rates in the Q1 and the Q2 1991.
The basis of the assessments for the nation’s comparative growth is the growth accounts collected by the OECD. The statistics reveals only two other global economies were somewhere near Australia’s new economic record.
While the first is Japan, where the total number of positive quarterly consecutive growth rates was 63 from Q1 1975 to Q1 1993, according to the OECD; the second example is the Netherlands. Post a ten-year time-frame of impressive economic growth from 1983 to 2002, the nation’s economy formally faced slump in 2003 with two successive negative rates of growth registered in the Q2 (-0.3%) and the Q3 (-0.014%).
The economic resilience of the Australia over the preceding 20 years or so has allegedly made numerous global economies jealous. Australia successfully managed to sail through the Asian economic catastrophe of 1997–98, flourished through the US stock market bust, and recession of 2001 and continued to develop and become better through the GFC of 2008–09.
Simultaneously, the nation has rather easily got too large for its peer group of other developed global economies across the post-crisis time-frame. In general, the country’s actual GDP improved by a yearly average 2.7% from 2012 to 2016. The rate was better than the majority of the global economies comprising the UK and the US (2.1% every year on average for both), Euro area (0.7% every year) and Japan (0.8% every year).
Allegedly, the remarkable performance of the Australia – over the past 25 years or so–has been mainly thanks to numerous reasons, and this comprises economic restructurings, robust populace growth, and strategic position in the thriving Asian area.