PHOTO: Sydney
The U.S. has been an “island of stability” as economic woes grow all over the world. Other such islands exist, too.
Australia is high on the list. The last Down Under recession was 27—yes, 27—years ago in 1991. No other developed economy can say the same.
The long streak has a lot to do with being one of China’s top raw material suppliers during its historic boom. Australia has done other things right, too.
But all good things come to an end. While not officially in recession yet, Australia’s growth is slowing.
2008 All over Again
University of New South Wales professor Richard Holden says Australia is in “effective recession.” Australia’s per-capita GDP has declined in both Q3 and Q4 of 2018.
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