Australia in 2003
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Case Code: ECOA111 Case Length: 11 Pages Period: 2003 Pub Date: 2003 Teaching Note: Not Available |
Price: Rs.300 Organization : - Industry : - Countries : Australia Themes: - |
Abstract Case Intro 1 Excerpts
Australians are not like the rest of us. Last year, when almost all the rich economies dipped into recession or slowed sharply, Australia continued to boom. What is more, while most big stock markets have fallen by one-third or so from their peaks in early 2000, share prices in Sydney touched a new high this year.
- The Economist, 4th April 2002
Introduction
In 2003, Australia was in its 12th year of uninterrupted economic expansion. The OECD described the Australian economy as one of the rich-world's best performers. Over the past ten years, Australia had enjoyed the fastest growth rate of any big developed economy maintaining an annual average growth of almost 4%. Australia was one of the largest countries in the world in terms of geographical area but one of the smallest in terms of population. The country had been labeled the lucky country for its natural endowments. Australia's prosperity was to a large extent based on raw materials. The country was among the world's top four producers of iron ore and bauxite. Australia exported large amounts of petroleum, copper, rare metals, gold and coal.
In addition, the country was one of the world's leading producers of wheat, wool, meat, and dairy products. But unlike many other countries, which had squandered away their natural advantages and faded into economic oblivion, Australia had been making various efforts to encourage more value-adding industries. Starting from the early 1980s, the country had also embarked on various economic reforms...
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