Economic Patterns of Australia
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What are the economic patterns of Australia, contrasting those of developed and underdeveloped counties? Language and religious patterns should also be included in the discussion of the counties.
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This solution examines the economic patterns of Australia, contrasting those of developed and underdeveloped counties. Language and religious patterns ared also be included in the discussion of the counties.
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1. What are the economic patterns of Australia, contrasting those of developed and underdeveloped counties? Language and religious patterns should also be included in the discussion of the counties.
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Based on information from the World Fact Book, Australia's economy is strong economy with a per capita GDP on par with the four dominant (developed) West European economies and above par with the developing countries. Key factors over the course of the economy's 17 solid years of expansion are: emphasis on reforms, low inflation, a housing market boom, and growing ties with China. Factors that fueled the economy recently include: robust business and consumer confidence and high export prices for raw materials and agricultural products, particularly in mining states. Recently, several negative trends have also occurred. Drought, robust import demand, and a strong currency pushed the trade deficit up however, while infrastructure bottlenecks and a tight labor market ...
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