Describe Australia's global economic standing ?

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24-06-2020
Geography

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Describe Australia's global economic standing ?

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zowixberton zowixberton · Answer 1 · 2020-10-23T16:53:28+02:00

Answer:

Australia's economy is: the world's 14th largest. rated AAA with a stable outlook by all three global rating agencies. forecast to realise average annual real GDP growth of 2.7% over the next five years – the highest among major advanced economies.Australia's mixed market economy is a prosperous, Western market economy where the GDP is high and the rate of poverty is low. Our free market is among the first five developed countries of the world, with the four main components being Trade, Manufacturing, Services and Financing.Australia has been a leader in economic freedom ever since the inception of the Index in 1995, and its economy has been in the highest, free category for the past 14 years. GDP has recorded steady gains, although the growth rate could slow in coming years because of softer world trade growth and faltering investment.

ogorwyne ogorwyne · Answer 2 · 2022-05-05T12:50:28+02:00

Globally the economy of the people of Australia is said to be the 12th largest economy that is in the world.

What is the economic standing of Australia?

The nation is known to have a market economy that is highly developed in the world. They have a large economy by nomimal GDP.

The nation is also a country that stands as the 25th largest exporter of goods and the 20th importer of goods in the whole world.

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