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Australia: The Miracle Economy


  • Junankar, Pramod N. (Raja)

    () (University of New South Wales)


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.

Suggested Citation

  • Junankar, Pramod N. (Raja), 2013. "Australia: The Miracle Economy," IZA Discussion Papers 7505, Institute for the Study of Labor (IZA).
  • Handle: RePEc:iza:izadps:dp7505

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    References listed on IDEAS

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    More about this item


    OECD; Great Recession; macroeconomic indicators; unemployment;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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