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Australia Hasn’t Had a Recession in 25 Years

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Australia Hasn’t Had a Recession in 25 Years

This Is What the Rest of the World Can Learn

World Economic Forum,

5 min read
5 take-aways
Audio & text

What's inside?

Australia has managed to grow its economy at a healthy pace for more than two decades.

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Editorial Rating

8

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Recommendation

Australia’s most recent recession occurred in 1991, predating Bill Clinton’s presidency and Donald Trump’s first bankruptcy. Journalist Matt O’Brien explains why. A major factor behind all this good fortune has been China, with its strong demand for Australia’s rich store of natural resources. But exports to China don’t tell the entire story. There’s another, less obvious reason for Australia’s economic robustness that other nations might want to emulate. getAbstract recommends this brief but illuminating article about how the economy Down Under has managed to avoid going under.

Summary

Australia hasn’t experienced a true recession since 1991. The only blips on the radar screen have been brief periods of rising unemployment in 1996, 2001, 2009 and 2013, from which the economy quickly recovered. Exports to China are a major reason for Australia’s prosperity. The country is blessed with a rich store of natural resources and has been selling them to fuel China’s blistering pace of growth. Australia’s safety net seems intact, with nearly one-third of its exports going to China.

But a thriving export environment doesn’t completely explain Australia’s vigorous economy. Australian ...

About the Author

Matt O’Brien is a reporter for The Washington Post.

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