Australia Hasn't Had A Recession In 25 Years
- 8 years ago
Australia has achieved an impressive milestone--it has been recession-free for the past 25 years.
Australia has achieved an impressive milestone--it has been recession-free for the past 25 years.
The quarter century of growth was confirmed by the Australian Bureau of Statistics which announced in a media release that “GDP grew 3.3 per cent through the year bringing the annual growth for the 2015-16 financial year to 2.9 per cent.”
The Wall Street Journal attributes the country’s recent gains to the housing sector and government spending as well as a weaker currency.
Despite the long and positive trajectory, experts warn that potential pitfalls do exist; for example, while the national unemployment rate is currently at 5.7 percent, Western and South Australia have higher jobless rates of 6.3 and 6.4 percent, respectively.
The overall economy has also been largely driven by exporting abundant natural resources to China, but the Asian market has slowed and commodity prices have declined.
Nevertheless, Australia’s economic outlook continues to be optimistic.
It needs just three more consecutive quarters of positive numbers to tie the Netherland’s record of continuous growth.
Australia has achieved an impressive milestone--it has been recession-free for the past 25 years.
The quarter century of growth was confirmed by the Australian Bureau of Statistics which announced in a media release that “GDP grew 3.3 per cent through the year bringing the annual growth for the 2015-16 financial year to 2.9 per cent.”
The Wall Street Journal attributes the country’s recent gains to the housing sector and government spending as well as a weaker currency.
Despite the long and positive trajectory, experts warn that potential pitfalls do exist; for example, while the national unemployment rate is currently at 5.7 percent, Western and South Australia have higher jobless rates of 6.3 and 6.4 percent, respectively.
The overall economy has also been largely driven by exporting abundant natural resources to China, but the Asian market has slowed and commodity prices have declined.
Nevertheless, Australia’s economic outlook continues to be optimistic.
It needs just three more consecutive quarters of positive numbers to tie the Netherland’s record of continuous growth.