With the economy in Australia reported to have grown 2.5 percent in 2015, they will successfully close the year without a recession. The data has been disclosed of the economic activities, showing that the country has continued to show economic growth. Marcio Alaor who has many years of experience as an executive in the banking business has seen the world enter into an intense season dryness in the early 90’s, but was still able to handle inflation and adjust the interest rates. This created and rapid growth in the economy and has been able to withstand that negative balances in the market.
Australia has been able to increase its economic growth due to the market of exporting. It’s mainly responsible for exporting popular goods that are sent to the major international markets and then listed for sale. Agricultural products are a huge export for Australia. They consist of soybeans, wheat, minerals that include iron and aluminum. Although the Chinese economy has continues to rise as well, Australia has increased its exporting goods to different countries and remains to be successful in doing so.
The crisis of 2008 certainly slowed the markets that covered the entire world, but Australia remained to prosper despite the wavering economic status. They were able to take part in fiscal stimuli which allowed small businesses to become tax exempt during the troubled times. This most definitely helped to alleviate the effects of the crisis.
Marcio Alaor noted that the Australian Finance Minister, Wayne Swan, gained great effects internationally by being sponsored in the Euromoney magazine which was released in 2011. When the world was feeling the effects of the 2008 crisis in 2009, Marcio Alaor states that Australia was able to increase it’s economic profits by 1.4 percent during that time. Over the next few years of the recession, they were still able to increase their revenue by more than 2 percent, mainly due to the exportation of goods and the fiscal stimuli. This most definitely proves a strong balance of economic education and wise business decisions. Aside from the economic growth in Australia that continues to increase each year, they have also been named to have the highest life expectancy of their citizens and quite possibly the best quality of life. They have also been know to have great human development index (HDI). These are two residing positive factors that stand to name Australia as one of the most excellent first world countries.