July 2013

IZA DP No. 7505: Australia: The Miracle Economy

Most of the countries of the OECD are still suffering from the Global Financial Crisis (GFC) (or as the Americans call it the Great Recession), but the Australian economy appears to be powering ahead. It is a miracle economy! Unlike most of the OECD countries, Australia did not even have a recession. In this paper we study the behaviour of the Australian economy compared to some of the OECD countries and see that, in fact, Australia has a "miracle economy". The comparisons are made in terms of several macroeconomic indicators, GDP, Unemployment, Inflation, Current Account Balances, and debt.