Australia’s economy is ranked the most resilient in the world

he Land Down Under has emerged into the international spotlight in the last few years as a result of its strong pro-active stance on global political and economic issues. Australia is gearing up to be a significant player in the ongoing evolution of the global economy, and its support of the U.S.-led Iraq war emphasized its historic link to the United States, as well as the increasing focus of Prime Minister John Howard’s administration on expanding this relationship. The Free Trade Agreement between the two countries, which was signed in February of this year, promises to substantially boost these ties and provide sizable benefits for both nations.

Australian Minister of Foreign Affairs Alexander Downer has said that globalization is inevitable and that anyone who hasn’t caught on will be out of the game, and this seems to embody the spirited approach of the government in its efforts to streamline the Australian economy and prepare a comprehensive national strategy for the global economy. Minister Downer says, “In abandoning protectionist policies and introducing a range of other economic reforms, Australian governments have put Australia on the way back to the top.” This year the country heads into what seems to be shaping up as its 13th consecutive year of solid economic growth, which has registered at 4% throughout the last decade. Unemployment in the country was halved over this same period and Australians are now enjoying an unparalleled level of prosperity. In 2002, Australia boasted the 4th highest GDP per capita in the world, and ranked 4th in the 2001Human Development ranking. Well positioned to act as a regional hub for the world’s next great market, and considering the country’s well-established and vibrant financial services sector, Australia’s star looks set to rise even higher as the world turns to face east.