. Population: 24.80 million
. Currency: Australian dollar (AUD)
. Capital City: Canberra
. World Renowned City: Sydney, Melbourne, Brisbane
. Area: Approx. 7.692 million km²
.Australia ranked 4th in the Best Countries for Education
. Australia is now the fastest growing population country in the OECD. With the country adding a new overseas migrant at a rate of one every two minutes and 20 seconds.
. After rising 2.5% in 2016, the Australian economy was estimated to grow by 2.2% in 2017 and forecast to grow 2.9% in 2018.
. While mining industry is a key contributor, the Australian economy has been diversified into and dominated by the services sector which comprises some 60% of its GDP.
. The 2018 World Economic League Table projects that Australia will jump two spots to become the 11th largest economy on the globe by 2025.
The Australian Economy
Australia has proven itself to be a dominating economy with its abundant natural resources, exceptional education system and a politically stable environment. Historically, Australia has survived a number of economic recessions including the Asian Financial Crisis, the rapidly changing consumer market and was the only country unaffected by the Global 2007-2008 Financial Crisis. The Australian economy has experienced 26 years of undisturbed and steady growth, a record among developed nations. According to a market research by Statista, in 2017, its GDP increased by 2.2%.
A report by International Monetary Fund (IMF) indicated that Australia’s economy growth will likely reach a high 2.6% in the next five years with 2018 and 2019 reaching a growth of 2.9% or above. Statistics, a data collection bank expressed that Australia’s GDP performance remains positive with a growth of 2.96% this year and a continuous growth of at least 2.61% until 2022.
Image: Australia’s economic growth and performance report and prediction