AUSTRALIA’S ECONOMIC GROWTH
Australia suffered an economic softening during the late 20th century due to economic reform and global recession. In particular was the Asian economic crisis, which occurred from mid-1997 to early 1999. Although the global recession centered on Asia, it effected Australia because Asia is the destination of much of Australia's exports. Economists are optimistic the economy will continue to advance because Australia’s economy is one of the most resilient in the world. Australia has a prosperous Western-style capitalist economy. Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. After a slow start in 1998, exports rebounded in the second half of the year because of sharp currency depreciation and a redirection of sales to Europe, North America, and Latin America. Australia's economic growth has been described as extraordinary, averaging around 3.5% in the last five years, with forecasts of continued growth of around 4% in 2003. Australia suffered from low growth and high u
For the first time in Australia’s history, mineral deposits are being depleted faster than new ones are being discovered. The decline has caused the loss of more than half of the country’s exploration jobs (Highfield). Most of the rich farmland is in the east and particularly the southeast areas of Western Australia. The country is self-sufficient in food. The raising of sheep and cattle and the production of grain have long been stable occupations, but Australian farms could be facing slow extermination. Australia’s economic growth was strong between 1997-98 and at the end of June in 1999; unemployment fell to average of only 7.6 %. This record, however, was not enough to ensure that all people who wanted to work could do so. The unemployment problem makes it very difficult to achieve the objectives of full employment. Almost 1.6 million new jobs were created between 1983 and 1990, but the number of unemployed people fell by only 100,000. Australia is one of the world’s largest mineral processors and exporters. Australia is home to some of the world’s great mining companies (Australian Advantage).
Some topics in this essay:
Australia Education,
Western Australia,
Advantage Australia’s,
Barossa Valley,
Finance Financial,
Australia Asia,
War II,
Brisbane Adelaide,
Inflation Persistently,
World War,
economic growth,
australian economy,
mineral resources,
australians lost lives,
labor force,
unemployed people,
australia’s economic,
world war,
australians lost,
financial sector,
industry barossa,
industry barossa valley,
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Approximate Word count = 1814
Approximate Pages = 7 (250 words per page double spaced)
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