Australia: The Miracle Economy

10 Pages Posted: 23 Aug 2013

See all articles by P. N. Raja Junankar

P. N. Raja Junankar

Western Sydney University - Department of Economics & Finance; University of New South Wales (UNSW) - Industrial Relations Centre; IZA Institute of Labor Economics

Abstract

Most of the countries of the OECD are still suffering from the Global Financial Crisis (GFC) (or as the Americans call it the Great Recession), but the Australian economy appears to be powering ahead. It is a miracle economy! Unlike most of the OECD countries, Australia did not even have a recession. In this paper we study the behaviour of the Australian economy compared to some of the OECD countries and see that, in fact, Australia has a "miracle economy". The comparisons are made in terms of several macroeconomic indicators, GDP, Unemployment, Inflation, Current Account Balances, and debt.

Keywords: OECD, Great Recession, macroeconomic indicators, unemployment

JEL Classification: E24, E30, E60

Suggested Citation

Junankar, P. N. Raja, Australia: The Miracle Economy. IZA Discussion Paper No. 7505, Available at SSRN: https://ssrn.com/abstract=2314800

P. N. Raja Junankar (Contact Author)

Western Sydney University - Department of Economics & Finance ( email )

Sydney, NSW 1797
Australia

University of New South Wales (UNSW) - Industrial Relations Centre

Kensington
High St
Sydney, NSW 2052
Australia

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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