Australia’s Economic Growth Performance So Far And What’s Expected In 2023

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The quality of life in Australia is among the best in the world. Its economy has been expanding for over 21 yrs and it is considered to be the most stable nation as far as the Economy is concerned. 

It is one of the few Western nations that avoided a slump. While the country’s debt as a proportion of GDP is 10%, the unemployment rate is only 5.4%. What is the cause of this achievement? Certainty is one thing.

Australia has recently been going through a mining surge. Basic materials are exported by the nation. China and Malaysia are two growing Asian nations that are the main drivers of demand. China has been the nation’s top business partner since 2007.

In particular, lockdowns and regulations related to the nation’s reaction to the global pandemic have severely hampered the Australian economy.

Nevertheless, it is anticipated that the economy will adjust to these changes through worker development and the adoption of a greener, more sustainable strategy.

Here, we briefly discuss the present economic situation in Australia, how COVID-19 changed everything, and the prospects for the Australian economy going forward.

Australian Economy’s Response to COVID-19

As a reaction to COVID-19, Australia implemented lockdowns, contact tracing, mask-wearing, travel bans, and social seclusion. But depending on the sector you worked in and where in Australia you lived, these changes could have a significant impact on the economy.

Supply – Chain Breakdown

Although it was only barely touched upon earlier, the relationship between supply and demand is crucial to comprehend the state of an economy.

You’re in problems whether there isn’t enough supply to meet demand from customers or there is too much supply compared to demand. The general economy operates under the same tenet.

Supply chains have been severely harmed by COVID-19 and its associated travel bans, border restrictions, and workforce disruptions, as anticipated.

Medium and small Australian Businesses are more likely to fail when they can’t procure enough products to sell to consumers. And the general economy suffers because there are fewer businesses to satisfy consumer demand.

Read More: Australia’s Economic Growth Performance So Far And What’s Expected In 2023

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