Driven
by the biggest resource-investment boom since the 19th century, Australia’s
$1.379 trillion economy will probably overtake Spain’s $1.386 trillion GDP this
quarter, data from Bloomberg shows.
While the European nation of some 47 million people struggles to disentangle itself from the debt problems of its region, Australia’s economy grew at 3.7 per cent in the three months to June from a year earlier.
As most of the developed world struggles with high unemployment and debt, Australia’s unemployment remains steady at 5 per cent and has not suffered a recession in 21 consecutive years.
“This is a nice microcosm of the structural shifts in the global economy away from the old developed core to the emerging and peripheral part of the global economy, in Asia particularly,” said Richard Yetsenga, head of global markets research at Australia & New Zealand Banking Group Ltd. (ANZ)
While the European nation of some 47 million people struggles to disentangle itself from the debt problems of its region, Australia’s economy grew at 3.7 per cent in the three months to June from a year earlier.
As most of the developed world struggles with high unemployment and debt, Australia’s unemployment remains steady at 5 per cent and has not suffered a recession in 21 consecutive years.
“This is a nice microcosm of the structural shifts in the global economy away from the old developed core to the emerging and peripheral part of the global economy, in Asia particularly,” said Richard Yetsenga, head of global markets research at Australia & New Zealand Banking Group Ltd. (ANZ)
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