Ten years ago, when the world economy suffered its most severe slump since the Great Depression, Australia was the only advanced country to avoid a recession.
While double-digit unemployment ravaged many nations, Australia’s jobless rate stayed below 6 percent. The hit to our housing was minimal, and the impact on the Australian stock market was temporary. It took until 2013 for the United States to return to pre-Great Recession living standards, but Australia bounced back by 2010.
Today, though, this country’s so-called miracle economy isn’t looking so miraculous. While major economies like those of Germany and the United States have unemployment rates below 4 percent, Australia’s has been stuck around 5 and a half percent, higher than the average in the Organization for Economic Cooperation and Development, a group of mostly wealthy nations.… Seguir leyendo »