Idk Economy Essays

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Future of Australian economy (http://www.dpmc.gov.au/publications/skills_for_all_australians/chapter2_the_australian_economy_of_the_future.html )
Figure 1: Unemployment rates selected economies

Source: OECD harmonised unemployment rates
As can be clearly seen from this graph, from 2009 unemployment rate of US had surpassed the rate of Australia and in the future unemployment rate of this two countries is still be predicted to be the same trend.

Figure 2: General Government net debt selected economies

Source: IMF projections, MYEFO AUST
Also, as the figures shown, economy in Australia is much better than that of US. US is in higher rate debt, and it is predicted in 2015 that

Potentiality of Australian economy
Strong Asian growth is already driving changes in Australian industries and regions, creating opportunities and challenges.
As higher commodity prices and incomes flow through the economy, opportunities are created across different industries and regions. Many jobs are being created in mining, construction and related sectors and, for example mining employment has grown by 10 per cent on average since
2001–02. Shareholders of mining and related companies have also seen higher share prices, increasing their wealth.

Super Pit gold mine at Kalgoorlie in Western Australia is Australia's largest open-pit mine

At the same time, the strong dollar is placing pressure on businesses that face international competition and who are not connected to the resources sector. Some sectors are doing it tough. The level of the dollar – and the pace of its rise – has broken some business models and forced economic restructuring. It is already been behind some firm closures and job losses.

But we should remember that it is Australia’s success that is driving the appreciation of the dollar. In turn, the strength of the dollar is driving change. This change is making our economy leaner and stronger, is it forcing Australian businesses to move more of their effort – more money, more equipment, more people – into the sectors of our economy where the greatest returns are generated. Sometimes this will see jobs swapped for new technology and more sophisticated capital equipment. Some workers will need to have the courage to work with change and take new opportunities to acquire new skills.

WHAT DO YOU THINK ABOUT AUSTRALIAN ECONOMY IN THE FUTURE?

http://www.smh.com.au/opinion/political-news/australian-economy-leads-the-world-20120418-1x6ac.html

The IMF also forecasts Australia's unemployment rate to remain low at 5.2 per cent in both 2012 and 2013.

The IMF - which issued its World Economic Outlook in Washington overnight - said it expected the Australian economy to expand by 3 per cent this year as fiscal tensions from Europe and the United States continue to ease.

Australia’s Economic Fundamentals Remain Strong
The International Monetary Fund’s (IMF) World Economic Outlook April 2012 confirms that Australia’s economic fundamentals are strong with the real GDP growth projected to outperform every major advanced economy in 2012 and 2013. After suffering a major
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